A minimum wage rise will be confirmed in this Thursday's Autumn Statement - with reports suggesting it will go up by 90p an hour. It's understood Chancellor Jeremy Hunt 's announcement is due to confirm how much wages will rise in April 2023. And The Times reports he will accept a recommendation by the Low Pay Commission to raise by minimum wage by nearly 10%. Such a rise could push the national living wage - the minimum wage for over-23s - from £9.50 an hour to about £10.40 an hour. The minimum wage is currently £9.50 an hour for over-23s, £9.18 for those aged 21-22, £6.83 for those aged 18-20 and £4.81 for those under 18. It would help around 2million workers cope with soaring bills after inflation rose to 10.1%. PM Rishi Sunak and Chancellor Jeremy Hunt ( PA) But it would come at the same time as the £2,500 cap on average energy bills ends - and as Jeremy Hunt finds £55bn in tax rises and spending cuts. Brits are set to suffer a council tax rise and tens of billions of pounds in stealth tax hikes, through thresholds being frozen for as much as six years. It's understood the Chancellor is drawing up plans for a new round of cost-of-living payments. That would hand another £650 to people on Universal Credit, £300 to pensioner households and £150 to people on disability benefits. Yet average bills could soar by £600 a year from April - and stand at nearly £2,000 more than they were in mid-2021. Meanwhile, new figures today show Brits have already suffered a 2.7% real-terms pay cut in the last year as inflation rockets. It was slightly smaller than the real-terms fall earlier this year, but is 'among the largest' falls since records began in 2001. A street cleaner works in Downing Street The){kind=link}
The minimum wage is currently £9.50 an hour for people under 23, and a rise in April 2023 is due to be confirmed in the Autumn Statement. According to The Times, it could hit £10.40
A minimum wage rise will be confirmed in this Thursday’s Autumn Statement – with reports suggesting it will go up by 90p an hour.
It’s understood Chancellor Jeremy Hunt ‘s announcement is due to confirm how much wages will rise in April 2023.
And The Times reports he will accept a recommendation by the Low Pay Commission to raise by minimum wage by nearly 10%.
Such a rise could push the national living wage – the minimum wage for over-23s – from £9.50 an hour to about £10.40 an hour.