The minimum wage in the UK will increase. The minimum wage level for workers over the age of 23 will be raised from April of next year. The current minimum wage in the UK for workers over 23 years old is £8.91 per hour. Chancellor of the Exchequer Rishi Sunak announced an increase in the minimum wage to £9.50 per hour. This increase is 6.6% and represents the largest raise in the last 20 years.
This increase in the minimum wage is called to ensure a higher standard of living for millions of people working in the lowest-paid jobs. The rise in wages is also aimed at improving social equity and supporting the recovery of the economy post-pandemic.
Analyzing the upcoming increase in the minimum wage, Rishi Sunak stated: "The new rate of £9.50 per hour, after accounting for inflation, ensures that working people in reality around £10. It raises the minimum wage to over 75% compared to 2015, providing real benefits to millions of people."
