The National Minimum Wage increases on 1 October 2014

£6.50 for workers 21 and over
£5.13 for workers 18-20 yrs
£3.79 for 16-17 yrs olds
£2.73 for apprentices under 19 or 19 and over who are in the first year of apprenticeship

These represent an increase of 3% for those who are 21 and over and just under 2% for younger workers. This increase tends to inform the typical “going rate” for wage settlements over the next 6-12 months.

Research shows that the percentage is especially important so if you employ people at the NMW, as the pressure to reflect the percentage is felt strongly at wage levels immediately above and close to the NMW.

For those who aspire, another consideration is the “Living Wage”, currently £7.65 per hour (outside London).

This is based on the amount an individual needs to earn to cover the basic costs of living. It is set by the Living Wage Commission, chaired by the Archbishop of York Dr John Sentamu and widely backed by TUC, the British Chambers of Commerce, the voluntary sector and the Mayor of London.

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