James O'Brien 10am - 1pm
Sajid Javid Announces National Living Wage Increase
30 September 2019, 15:47
The Chancellor of the Exchequer has announced plans to raise the National Living Wage to £10.50 within the next five years.
Speaking at the Conservative Party Conference, he also said that he would lower the age threshold for those who qualify from 25 to 21.
The current rate for over 25s is £8.21.
He said: "In 2016, we introduced the National Living Wage, giving Britain's workers the biggest pay rise in two decades.
"In April, we increased the rate again, making 1.8 million workers better off. Putting the number of low paid workers at its lowest level in four decades.
Today, I'm delighted to announce that we will be taking this much further."
He also said: "Over the next five years, we will make the UK one of the first major economies in the world to end low pay altogether. To do that, I am setting a new target for the National Living Wage: raising it to match two-thirds of median earnings.
That means, on current forecasts, this ambitious plan will bring the National Living Wage up to £10.50, giving four million people a well-earned pay rise."