News

Our latest Updates

CBI welcomes 3% NMW rise

Posted: Tue 24 Feb 2015

The Low Pay Commission (LPC) has recommended that the National Minimum Wage (NMW) be increased by 20p to £6.70 from October.

The LPC said if the recommendation was accepted by the government it would be the largest real-terms increase in the NMW since 2007.

It would also take it its estimated real value three-quarters of the way back to its highest ever level.

More than 1.4 million jobs would then be covered by the main NMW, half a million more than the start of the downturn in 2008 as the minimum wage has risen in relation to median earnings.

An increase of that magnitude would also lift the NMW to its highest value relative to other wages.
The move has been welcomed by the Confederation of British Industry (CBI) which applauded the decision to review the rate in-line with productivity next year.

CBI deputy director-general Katja Hall said: "The LPC has struck a careful balance. As the economic recovery cements, the commission has reconciled a desire to reflect this in pay packets while recognising that productivity growth - the key to sustainable pay rises - remains weak.

"We welcome the commitment to review next year's rise if the improved business environment doesn't materialise. The National Minimum Wage has been one of the most successful policies of our time thanks to the independent recommendations of the commission, helping many low-paid workers without damaging their job prospects.

"Any artificial increase due to political expediency will help no-one and ultimately damage one of the most successful government policies in recent years," she added.

  • Group Head Office
  • Prestige House
  • 12 Bowlalley Lane
  • Hull
  • East Yorkshire
  • HU1 1XR
  • T: 01482 212581
  • F: 01482 212 880
  • Leeds Branch
  • 64 Wellington Street
  • Leeds
  • LS1 2EE
  • T: 0113 2436279
  • T: 0113 2458604
  • Dereham Branch
  • 15 Aldiss Court
  • Dereham
  • Norfolk
  • East Anglia
  • NR19 1TS
  • T: 01362 293120
  • F: 01362 690876
  • 7 Northumberland Street
  • Huddersfield
  • HD1 1RL
  • T: 01484 905199
  • Specialists in:
  • Ex-offender Employment Experts
  • The Quadrant
  • Nuart Road
  • Beeston
  • Nottingham
  • NG9 2NHL
  • T: 0115 7043391
  • Specialists in:
  • Providing staff to the criminal justice sector
Prestige Recruitment LTD. Registered in England No: 409872.
Our People Are Your People
Website Designed & Built by Eyeweb
×