National Living Wage to increase by 9.7% to £10.42 - an annual pay rise of £1,600
The National Living Wage is to increase by 9.7% next year equating to an annual pay rise of £1,600 for full-time workers.
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The measure was announced by the British Chancellor Jeremy Hunt in his autumn budget statement on Thursday.
He said: “This government introduced the National Living Wage which has been a giant step to eliminating low pay.
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Hide Ad“So today I am accepting the recommendation of the Low Pay Commission to increase it next year by 9.7%.
“That means, from April 2023, the hourly rate will be £10.42 which represents an annual pay rise worth over £1600 to a full-time worker.
“It is expected to benefit over two million of the lowest paid workers in the country and keeps us on track for our target to reach two thirds of median earnings by 2024.
"And it is the largest cash increase in the UK’s National Living Wage ever.”