Autumn Budget Statement 2018

National Living Wage & National Minimum Wage:

Minimum-Wage-blogThe government has set a target for the NLW to reach 60% of median earnings by 2020 (subject to sustained economic growth).

Announcements in the Budget include:

Increasing the NLW by 4.9% from £7.83 to £8.21 from April 2019, which will benefit around 2.4 million workers

Accepting recent recommendations by the Low Pay Commission to increase NMW rates from April 2019 as follows:

  • Increasing the rate for 21 to 24 year olds by 4.3% from £7.38 to £7.70 per hour
  • Increasing the rate for 18 to 20 year olds by 4.2% from £5.90 to £6.15 per hour
  • increasing the rate for 16 to 17 year olds by 3.6% from £4.20 to £4.35 per hour
  • increasing the rate for apprentices by 5.4% from £3.70 to £3.90 per hour