Conservative Chancellor Sajid Javid announced at the Conservative party conference that he would raise the National Living Wage to £10.50 within five years. The current amount for over 25s is £8.21, but the Living Wage Foundation believe that it should already be £9 and £10.55 for those in London.
The Chancellor also announced that that he would reduce the age at which people would receive National Living Wage from 25 to 21 years old. For people earning the National Living Wage this would increase their net earnings by £1,900 over the five years in which the Conservatives plan to increase the National Living Wage.
- The National Living wage is going to be increased from £8.21 to £10.50 within five years.
- The Chancellor also announced that that he would reduce the age at which people would receive National Living Wage from 25 to 21 years old.
If this change is implemented and becomes law it will have a significant impact on costs for many businesses, particularly those in the leisure and hospitality industries and healthcare sector.
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