What is the National Living Wage and what does it mean for me?
The national living wage came into force in the UK on 1st April but what does that mean and how will it affect you?
Continue reading below to find out more!
The National Living Wage is the amount of money that all employees aged over 25 are legally entitled to. If you are under the age of 25 you will receive the National Minimum Wage, which is the minimum wage per hour a worker is entitled. This rate varies depending on a worker’s age and if they are an apprentice.
The idea behind the National Living Wage is that it should be high enough for workers to have a normal standard of living. That means being able to afford everyday necessities like food, transport and paying bills.
The National Living Wage increased from £7.50 to £7.83 for those aged 25 and over and was introduced on Sunday, April 1, 2018.
Yes, according to the government’s independent economic forecasters. The Office for Budget Responsibility has estimated that by 2020 there will be 60,000 fewer jobs as a result of the National Living Wage.
Below is a table outlining the pay rates as of April 1st, 2018:
|Year||25 and over||21 to 24||18 to 20||Under 18||Apprentice|