MILLIONS of workers across the country will get a pay boost after hikes to the minimum wage rates.
The National Minimum Wage rate and the National Living Wage rate both increased today, April 1 2022.
The National Living Wage has gone up today from £8.91 to £9.50.
Over the year, that represents a £1,000 pay increase for an employee working a 35-hour week.
The National Minimum Wage also increased today.
For 18- to 20-year-olds, the minimum wage went up from £6.56 to £6.83, and £8.36 to £9.18 for 21-22 year olds.
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But how do both rates differ from each other? We explain all your need to know.
What is the difference between the National Minimum Wage and National Living Wage?
The National Minimum Wage is the minimum pay per hour for workers under the age of 23.
The National Living Wage, which is slightly higher, is the minimum wage for those over 23.
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National Minimum Wage
The National Minimum Wage is the wage workers under 23 but of school-leaving age are entitled to.
It is now £9.18 for those aged 21-22 and £6.83 for 18 to 20-year-olds
The minimum wage for workers under 18 is £4.81 an hour and the apprenticeship wage is £4.81 too.
National Living Wage
The National Living Wage is the minimum wage for those aged 23 or over.
Now, it is set at £9.50.
What is the ‘Real Living Wage’?
The “Real Living Wage” campaign, is voluntarily paid by more than 7,000 UK businesses.
Over 300,000 employees have received a pay rise through the campaign.
It is set at £9.90 per hour, rising to £11.05 if you live in London.
It comes as family budgets have been squeezed even more after inflation hit 6.2%.
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And while latest figures show the economy grew 1.3%, it comes at a time when a cost of living crisis has clobbered family budgets.
In bad news for households, National Insurance rates are rising 1.25 percentage points.
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