1st of October 2014 saw the National Minimum Wage increase
- The adult rate increased by 3% from £6.31 to £6.50
- The 18-20 year olds rate increased by 2% from £5.03 to £5.13
- The 16-17 year olds rate increased by 2% from £3.72 to £3.79
- The apprentice minimum wage increased by 2% from £2.68 to £2.73.
It is the low pay commissions target to ensure that the minimum wage keeps pace with inflation. This helps to reduce the negativities in the labour market such as in work poverty when those on low pay cannot afford inflated prices.
The changes will mean that more than a million people are set to see their pay rise by as much as £355 a year. The Business Secretary Vince Cable stated that “The National Minimum Wage provides a vital safety net for the lowest paid, ensuring they get a fair wage whilst not costing jobs. This year’s rise will mean that they will enjoy the biggest cash increase in their take home pay since the banking crisis.”
It is illegal to pay any less than minimum wage. Those who employers who fail to pay this rate will face tough action from the government including steep financial penalties and publicly naming flouters. If you are concerned that minimum wages are not being met you can call the free and confidential pay and work rights helpline on 0800 9172368.
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