|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    22nd of January 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Economy News feed Economy News

All Financial News feed All Financial News




Minimum wage to rise 13p an hour from October

Bookmark and Share

by Kay Mitchell
”Minimum

It has been announced that the UK minimum wage will rise by 13p (2%) to £5.93 an hour from October 1 and is set to benefit almost one million people, according to the Low Pay Commission.

The 13p an hour rise applies to workers aged 21 and over.

Meanwhile, the rate for 18 to 20-year-olds will increase by 9p to £4.92, while 16 and 17-year-olds will see a rise of 7p from £3.57 to £3.64 an hour.

Furthermore, there will be a new £2.50 hourly minimum wage for apprentices.

The increase is in accordance with a recommendation from the Low Pay Commission. However, it is far behind the retail price index (RPI) measure of inflation, which is used as the basis for many wage deals.

The minimum wage was introduced in 1999 by the Labour government to put a floor under what employers could pay their staff.

Commenting on the rise, Employment Relations Minister Edward said: “The increases… will strike a balance between helping the lowest paid whilst at the same time not jeopardising their employment.”

Discuss this in the Finance Markets forums

Story link: Minimum wage to rise 13p an hour from October



News posted: June 21, 2010

Financial Services:





Related financial stories to: Minimum wage to rise 13p an hour from October:
Previous: «
Next: »

Visited 2488 times, 2 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , , ,