London- Millions of workers set for a significant pay increase in April to improve living standards and drive growth. This was disclosed in a press release issued here today. She said a Pay boost worth £1,400 a year for an eligible full-time worker as the Government takes a significant step towards a genuine living wage. A living wage boost is set to put more money back into the pockets of working people and kickstart growth as part of the Plan for Change. Over 3 million workers in shops, restaurants, and workplaces across the UK are set to receive a significant pay boost from April – putting thousands of pounds back in the pockets of working people every year. As a result of these changes, a further 4 million workers could benefit from the positive spill-over impacts of the rate increases.
The Government will lay legislation today that confirms a new National Living Wage of £12.21, and a new National Minimum Wage of £10.00 per hour from April. Announced at last year’s Budget, the 6.7% increase to the National Living Wage which will be worth £1,400 a year for an eligible full-time worker is a significant step towards delivering the manifesto commitment to deliver a genuine living wage.
The National Minimum Wage for 18-20-year-olds is also set to increase by £1.40 to £10.00 per hour – a record increase which means full-time younger workers eligible for the rate will see their pay boosted by £2,500 a year. An impact assessment also published today shows that these reforms will put around £1.8 billion into the pockets of workers over the next six years – delivering on the Government’s Plan for Change to improve living standards and make working people better off.The increased income is set to boost financial stability for millions of families and improve spending power which will drive economic growth.
Employment Rights Minister Justin Madders said:
Economic growth only matters if working people are feeling the benefits.This will be a welcome pay bump for millions of workers who in turn will spend more in the real economy boosting our high streets.Our Plan for Change is putting money back into people’s pockets and delivering better living standards across the country.