Minimum wage increase for 1.7m workers – but rises ‘wiped out’ by inflation
‘As employers give pennies, government is taking pounds with end of energy bills help’
Around 1.7 million workers will get a “significant” pay boost when the national minimum wage (NLW) increases from Saturday – but food price inflation continues to outstrip rises in earnings during the cost of living crisis.
A 92p rise to £10.42 an hour for workers aged 23 and over is equivalent to a near 10% increase, the Resolution Foundation said.
It’s the biggest annual cash rise in the 24-year history of the minimum wage and one of the largest annual percentage rises.
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