Posted by Gary Mackley-Smith on November 22, 2017
Chancellor Philip Hammond has announced that the rates of the National Living Wage and National Minimum Wage are rising from 1 April 2018.
The hourly rates will increase in April 2018:
The rise in the national living wage for workers over 25 is almost 5 per cent; however, the target of it hitting £9.30 by 2020 has slipped and it won't get to £9.10 until 2022.
Workers aged under 25 will see the largest increase in a decade in their statutory minimum wage in April 2018, according to the Low Pay Commission.
See our Budget briefing for other announcements in the Budget
If you would like to discuss the impact of these rises for your business, please contact your usual Bishop Fleming adviser.