What Does a Rise in Minimum Wage Mean For You?

Young people are going to get the biggest increase in national minimum wage in a decade, from April 2018.

In last week’s Budget, Philip Hammond announced that there would be an increase in national living wage for over 25s.

What is the difference between minimum wage and living wage?

There are several key differences between the two:

What changes are being made to minimum wage?

As a result of the Budget, minimum wage will rise for all age ranges under 25.

• 21-24 year olds will receive an extra 33p an hour, going up to £7.38.
• 18-20 year olds will get an extra 30p an hour, with their minimum wage going up to £5.90 an hour.
• 16 and 17 year olds will have the smallest wage rise, going up just 15p to £4.20 an hour.
• Apprentice wages are also increasing, going up by 20p to £3.70.

What changes are being made to living wage?

One of the big points of the Budget was the change in living wage, it will be increasing by 33p an hour to £7.83 from April 2018; it is currently £7.50.

The National Living wage only applies to those over the age of 25.

What do you think about the changes? Let us know in the comments!