Minimum Wage: Further Increases Expected
24th September 2024
On 30th July the Low Pay Commission (LPC) set out it’s policy on future minimum wage rates.
It is expected that the new Labour Government will maintain the same policy as the last Conservative administration and maintain annual National Living Wage (NLW) increases in line with average earnings.
It is projected that the NLW will increase to £11.89 for employees over the age of 21. This is a 3.9% increase from April 2025 and reflects a slow down in the rate of increase seen since 2015. However, the LPC unveiled a new policy to achieve a single minimum wage rate for all workers.
There was no timeframe set out for the introduction of the new policy which could see large increases in wage cost for companies employing 18–20-year-olds. The Chancellor’s first Budget, set for 30th October, could provide an insight as to when these increases may start to be implemented.
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Disclaimer - All information in this post was correct at time of writing.
