Insight
The Chancellor is set to announce his October budget this Wednesday 27 October 2021 with full details on the Government’s spending and taxation plans to be announced.
The latest reports confirm rumours that the Chancellor is set to raise the National Living Wage to £9.50 per hour up from £8.91 currently. The National Living Wage is for those employees aged 23 and over, with those aged under 23 qualifying for the National Minimum Wage with different rates for those 22-21, 20-18 and Under 18.
The National Minimum Wage is also set to increase as follows:
- 21-22 year old rate- £8.36 up to £9.18
- 18-20 year old rate – £6.56 up to £6.83
- 16-17 year old rate – £4.62 up to £4.81
The Budget is always a key date in the diary for all employers, and with this early new employers in various sectors will need to be aware of this increase to the National Living Wage which will come into force on 1 April 2022.