Chancellor confirms minimum wage rise

Budget 2015: Chancellor George Osborne has confirmed in his 2015 Budget that the national minimum wage will rise to £6.70 in October, as irst announced on 17 March

George-Osborne-istock-2015

This  is the largest increase to the national minimum wage in real-terms since 2008.

Osborne said his Budget statement that the national minimum wage will rise to £8 by the end of the decade.

The increase is equivalent to an additional 20p an hour for workers aged 21 and over, from its current rate of £6.50 an hour.

It means that someone working full time on the adult national minimum wage will see their annual salary rise by over £350.

Osborne also confirmed that the national minimum wage for apprentices will increase by 20% (57p) an hour to £3.30 from its current rate of £2.73 an hour. This is the largest ever increase in the national minimum wage for apprentices.

The government accepted the Low Pay Commission’s recommendations for these increases.

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