National Living Wage 2022: Millions of low-paid workers to get pay boost | Personal Finance | Finance
This is to support the wages and living standards of millions of low-paid workers. The change will represent an increase of 59 pence or 6.6 percent.
In London, the National Living Wage is expected to rise from £10.85 per hour to £11.05 per hour.
This represents a 20 pence hourly pay boost for Londoners.
The hourly rates change every April.
The hourly rate for the minimum wage depends on a person’s age and whether they’re an apprentice.
A person must be over compulsory school leaving age to get the National Minimum Wage.
Comparatively, people must be aged 23 to get the National Living Wage.
The minimum wage still applies for workers aged 22 and under.
The Government has stated that the pay boost represents an increase of about £1,000 a year for a full-time worker.
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This could, effectively, compensate low-paid workers who are losing out from the £1,000 a year cut in Universal Credit.
Many low-paid workers have also been hit hard by the effects of inflation on household budgets.
Over 300,000 people throughout the country will be affected by the new wage increase.
The National Minimum Wage is the minimum pay per hour that almost all workers are entitled to.
The National Living Wage is higher than the National Minimum Wage.
The Living Wage Foundation, which sets the rates, has stated that almost 9000 employers across the UK will pay the new wage.
According to the foundation, only one in 13 people currently work for an accredited Living Wage employer.
The Living Wage rates are the only rates independently calculated based on what people need to live on.
More than £1.6billion in extra wages has gone to low-paid workers since the start of the Living Wage movement 20 years ago.
What’s more, £613million in extra wages has gone to low-paid workers since 2020.
Also, more than 3000 employers have been accredited with the Living Wage Foundation since the start of the coronavirus pandemic.
The real Living Wage is based on the cost of living and is voluntarily paid by thousands of employers in the UK.
