From today, 1st October, young workers will receive a pay rise thanks to an increase in the National Minimum Wage.
Due to what is the largest increase to the minimum wage since 2008, from today young workers could earn up to £450 more a year. The government has also said that almost 270,000 young workers, aged between 21 and 24, will benefit from the pay rise and that the new rates are the highest ever in real terms.
This change will certainly benefit students with part-time jobs and may make it slightly easier to make ends meet at the end of the month.
So, here’s what you need to know:
- the rate for 21 to 24 year olds will increase by 25p to £6.95 per hour
- the rate for 18 to 20 year olds will increase by 25p to £5.55 per hour
- the rate for 16 to 17 year old will increase by 13p to £4 per hour
- the apprentice rate will increase by 10p to £3.40 per hour
Business Secretary Greg Clark has said: “The Government promised to create an economy that works for all and today’s increase means our lowest paid workers will benefit from their largest pay rise since the recession. This will make a real difference to hard-working people up and down the country and means for the vast majority of workers, the national minimum wage is at its highest level in real terms.”
It is important to note that while the national minimum wage still applies for workers up to the age of 24, the national living wage, which rose to £7.20 in April, has replaced the minimum wage for all workers aged 25 and over.
So, if this means good news for you, go and celebrate!
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