Seamus Nevin, the head of policy research at the Institute of Directors, said: "Low paid workers will be pleased with the increase in the national living wage, although the fact this is 60p lower than the rate projected when the NLW was first announced underlines the hard environment employers are now operating in and businesses would have liked to see more measures to enable increased investment".
This will be the second raise in a year, after the wage went from £3.40 per hour to £3.50 seven months ago.
The National Living Wage (payable to workers aged 25 and over) increases by 4.4%, from £7.50 an hour to £7.83. The statutory hourly rate for those aged 21 to 24 will increase by 33p an hour to £7.38.
"It's good to see the Government showing flexibility in its approach to increasing the national living wage, while respecting recommendations from the Low Pay Commission and the advice from FSB".
Red Hat, Inc. (RHT) Holdings Increased by Swiss National Bank
September 27 investment analysts at Wells Fargo & Company left the stock rating at "Outperform" projecting a price of $124.00. On October 24 Bank of America Corporation made no change to the stock rating of "Underperform" projecting a price of $115.00.
Chancellor Philip Hammond has revealed the annual budget which sees living wage rise from £7.50 an hour to £7.83 an hour.
The Living Wage Foundation, which estimates the real cost of living, suggests that the national minimum wage should be £8.75 per hour outside London, or £10.20 in the capital.
Minimum wage rates for young workers also have been increased, a move that the chancellor described as the largest such rise in a decade.
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