From October the National Living Wage is set to rise
Millions of households in the UK could see an extra £1,000 build up in their bank accounts from today, October 5. From this day the National Living Wage will rise to two-thirds of average earnings.
According to latest forecasts by the Low Pay Commission, this could see the National Living Wage increase to over £11 a hour. This would come into affect from April next year and would mean that the annual earnings of a full-time worker would increase by more than £1,000 during 2024.Currently, people aged 23 and over are eligible for the National Living Wage and over two million workers on low pay are set to benefit from the increase.
It comes after the Chancellor of the Exchequer, Jeremy Hunt, refused to commit to tax cuts ahead of the next election, despite growing calls from inside his party. Speaking to Kay Burley on Sky News, he said "big tax cuts now... would be inflationary" and "nothing is going to compromise [the] battle" to bring that figure down.
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