According to the BBC, the government have announced that the national minimum wage will increase at the beginning of October 2014 by 19p an hour and is expected to benefit an estimated one million low-paid workers. This 3% rise is the first time in 6 years that it has been higher than inflation.
The Guardian quotes Vince Cable, the business secretary, in saying: “The recommendations I have accepted today mean that low-paid workers will enjoy the biggest cash increase in their take-home pay since 2008.”
In real terms this means that these individuals could see their annual pay increase by a figure of as much as £355.
The national minimum wage rates
Year 21 and over 18 to 20 Under 18 *Apprentice
2014 (from 1 October) £6.50 £5.13 £3.79 £2.73
2013 (current rate) £6.31 £5.03 £3.72 £2.68
2012 £6.19 £4.98 £3.68 £2.65
2011 £6.08 £4.98 £3.68 £2.60
2010 £5.93 £4.92 £3.64 £2.50
*This rate is for apprentices aged 16 to 18 and those aged 19 or over who are in their first year. All other apprentices are entitled to the National Minimum Wage for their age.
Table taken from https://www.gov.uk/national-minimum-wage-rates
