No, it’s not an April Fool – the National Living Wage is set to rise on 1st April, taking the hourly rate from £7.20 to £7.50. The good news is that could equate to an annual pay rise of £585 for some as was first announced in the Autumn Statement last year and confirmed by Chancellor Philip Hammond in the Budget early this month.
However, the top rate only applies to workers aged over 25. For those in the 21-24 age group it will be £7.05, for 18-20 year-olds, £5.60 and Under 18’s will get £4.05, whilst for Apprentices the figure is £3.50. There are already some who are claiming the National Living Wage is not enough, saying the rate should be at least £9.75 in London and £8.45 for the rest of the country.
Pensioners too are set to gain, with the new flat rate pension rising from £155.65 to £159.55 weekly. Meanwhile, the old state pension goes up from £119.30 to £122.30 weekly. The move will make pensioners £200 better off per annum.
Full details on the National Living Wage can be found here.