The Government has released the new national living wage rates for 2020. This time around, we're seeing one of the largest increases in minimum wage across the board at almost four times the rate of inflation.
Starting on the 1st of April 2020, the new minimum wage rates for each age range are as follows:
|From April 2019||From April 2020||Increase|
|National Living Wage||£8.21||£8.72||6.2%|
The biggest wage increase comes to 21-24 year olds who are moving from £7.70 per hour all the way up to £8.20. Apprentices are also seeing a significant increase from £3.90 to £4.15. Then, National Living Wage for those 25 and above will increase by 6.2% to £8.72. Finally, 16-17 year olds and those in the 18-20 bracket see an increase of just below 5%.
On the 11th of March, we can expect to see the 2020 budget, which will bring more information on changes to ENI and PAYE. Stay tuned to our news feed to find out the summary and highlights of the 2020 budget.