The national living wage is going to rise by 6.2% which is the biggest cash increase ever seen, as told by the government. The rise is more than four times the rate of inflation and hourly pay for people over 25 years to £8.72.
Businesses warned this rise in wages would put pressure on companies and told the government to reduce cost. Hannah Essex co executive director of the British Chambers of Commerce has stated that many companies have struggled with increased costs when there is economic uncertainty.
From April 2020, the National Living Wage for ages above 25 years and above – up 6.2% to £8.72
The National Minimum Wage for 21 to 24 years – up 6.5% to £8.20. For 18 to 20 years – up 4.9% to £6.45, for under 18 years – up 4.6% to £4.55
An independent report has said that there has been little or no evidence to show that there has been job losses because of a result of rising minimum wage level, which is now currently set at £8.21 for people aged 25 and over and £7.70 for people between the ages of 21 to 24 years.