Tuesday, March 17, 2015

Seven-year record rise in minimum wage

Wales Online reports:

The national minimum wage will go up by 20p an hour from October.

It will be the biggest real-terms rise in seven years with 1.4 million low paid workers set to benefit from the 3% hike while rates for younger workers and apprentices will also go up.

The rates were recommended by the Low Pay Commission.

[Liberal Democrat] Business Secretary Vince Cable is planning to launch a national minimum wage accelerator - an online tool which will make it easier to compare rates of pay across regions, sectors and occupations.

It will take data from the annual survey of hours and earnings and display information about pay so that people are able to compare wages with others in their sector and region.

Mr Cable hopes that by having the facts, people will be empowered to discuss pay with their employers and businesses will be encouraged to consider whether they can increase rates.

The Government is also launching a consultation with businesses on the future minimum wage for apprentices.

It is predicted that inflation as measured by CPI will fall below 1% this year. The headline increases are in line with the recommendations from the Low Pay Commission, but for apprentices the coalition government went further. The recommendation was for a mere 7p increase rather than the 57p increase which will actually be introduced.

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