Millions get a pay rise today ….. are you owed one?
For those of you who haven’t heard, the new National Living Wage will be coming into effect from today. But what exactly does this mean and who will it effect?
Well 1.3 million workers who are over 25 will benefit immediately.
The National Living Wage will be paid to workers aged 25 and above. Initially, it will be set at £7.20 an hour, with a target of it reaching more than £9 an hour by 2020. Both part-time and full-time workers will be benefiting from it.
This has increased 50p from £6.70, although there have been complaints that younger people are missing out.
The National Living Wage is not to be confused with the National Minimum wage. The national minimum wage is currently £6.70 an hour for over 21s and £5.30 for 18-21-year-olds and £3.87 for under 18’s.
This is the absolute minimum you are allowed to work for and if you are working any less then your boss is technically breaking the law.
The living wage is calculated depending on the cost of living in the UK.
There is estimated to be 70,000 people working for firms signed up to pay the living wage.