What is the increase in the minimum wage?

Following a rise in the National Minimum Wage and National Living Wage on April 1, millions of workers in the UK saw an increase in their income.

The Real Living Wage, which is a higher rate that certain UK firms choose to pay, didn't change.

National Living Wage

Employees who are 21 years of age or older are eligible to receive the National Living Wage as of April 1. Before, you needed to be 23 to be eligible.

The hourly rate went from £10.42 to £11.44.

According to the UK-wide adjustments, a full-time adult worker making the minimum wage will get a salary increase of £1,800 annually.

On the other hand, a 21-year-old who jumps from the lower minimum wage rate to the main rate will receive an increase of £2,300.

National Minimum Wage

Employees who are younger—between the ages of 16 and 20—are paid the National Minimum Wage.

On April 1st, the rates for this similarly went up.

The National Minimum Wage has increased to £6.40 per hour for those aged 16 and 17, from £5.28. Whereas for those aged 18, 19, or 20 years old, it has increased from £7.49 to £8.60.

The hourly pay for eligible apprentices and those under 19 (or over 19 during the first year of their apprenticeship) will now be £6.40, instead of £5.28.

Real Living Wage

The charity Living Wage Foundation sets the unofficial hourly rate known as the Real Living Wage. It is determined by how much the charity feels that people should be able to make.

It is intended for employees in the UK who are 18 years of age or older, but firms are free to choose whether to pay it or not.

According to the charity, over 460,000 workers for 14,000 companies are currently paid the Real Living Wage.

The hourly salary for employees in London is £13.15, sometimes referred to as the London Living Wage.

The rate in the rest of the UK is £12.

In London, a full-time qualifying worker would make £5,323, which is £5,323 more than the National Living Wage.

Outside of the capital, an individual receiving the Real Living Wage would make £3,081 more than someone receiving the National Living Wage.

The charity emphasizes that the Real Living Wage has increased in line with the rising cost of life, in contrast to the National Minimum Wage.

(Sources: bbc.co.uk)