National Minimum Wage increases above inflation rate
The National Minimum Wage increases today, October 1, to £6.50 per hour for staff aged 21 and over, and to £2.73 per hour for apprentices. Under the new rules, staff aged under 18 will now be entitled to £3.79 per hour and those aged 18-20 £5.13 per hour.
The increase will see this biggest rise in take home pay for low earners since the financial crisis in 2008, business secretary Vince Cable has said.
The biggest increase is seen is the over 21 age group, which grows 3% from £6.31, an increase of around double the current rate of inflation. Staff aged 18-21 will receive a 1.9% increase from the previous rate of £5.03, and under 18 year olds see a 1.88% growth in their minimum wage. Apprentice wages grow the smallest amount, at 1.86% from £2.68 per hour.
This means that a therapist aged 21 or older working 40 hours a week could see their wages increase by around £365 per year. Cable said, “As signs of a stronger economy start to emerge, we need to do more to make sure that the benefits of growth are shared fairly across the board.”