Personal Finance

National minimum wage increase: When does the minimum wage go up in 2020?

Earlier this month Chancellor of the Exchequer Rishi Sunak announced the National Minimum Wage is going to increase. The change will come in with the new financial year – but when is that?

What is the National Living Wage?

At present, the National Living Wage for those over 25 is projected at £8.21.

This is more than 50p extra an hour than the Minimum Wage for the same age group. say the Real Living Wage is actually £9.30 across the UK, and £10.75 in London.

At the 2020 Budget, Mr Sunak said the National Living Wage is to rise.

He said: “By 2024 the National Living Wage will reach two-thirds of median earnings. On current forecasts, that means a Living Wage of over £10.50 an hour.

“We promised to end low pay, we’re getting it done.”


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