Rishi Sunak set to raise minimum wage to £10 an hour by next election
PAY could go up to as much as £10 an hour in three years' time as an initial increase to the minimum wage is expected this Wednesday.
Chancellor Rishi Sunak is expected to announce in this week's Budget that the National Living Wage will increase to around £9.42 per hour.
Currently that compares to the £8.91 rate workers receive.
The roughly 50p increase could be set to make up for Universal Credit cuts that hit 3.2 million working families at the beginning of the month too.
Because borrowing is £135billion lower than predicted, Chancellor Rishi Sunak has more money for the three year spending review to be unveiled alongside his Budget.
That means experts are predicting minimum wage rates to hike to as much as £10.50 an hour by the time the next general election rolls around, reports.
The next general election is due to take place on May 2, 2024, in just three years' time, coinciding with when the new pay rate would come into effect.
It's not the first time the claim has been made though, as Boris Johnson demanded bosses give workers a decent pay rise, and as much as £10 an hour, at his big conference speech earlier in the month.
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But some big bosses are already doling out generous pay increases and even joining bonuses to some workers in a bid a to cover staff shortages in the run up to Christmas.
Sainsbury's and Morrisons are both offering above minimum wage as the supermarkets look to hire thousands of Christmas temps.
Lorry drivers have been offered £1,000 joining bonuses as an incentive amid shortages which are causing major supply chain issues across the country.
It is hoped such incentives will encourage Brits back to the workplace after the fallout of Brexit and the end of furlough. But there are concerns the extra outlay could hit consumers in the pocket
Experts say that higher wages being introduced to fill job vacancies, particularly in the hospitality sector, are driving product prices up along with it.
The price of a pint has already hit a lofty £6 in some parts of the country.
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Other measures are also being taken to get more Brits in better standing with job roles.
Sunak is set to launch a £3billion skills revolution to train thousands of British workers for better-paid jobs.
The overall goal of the Budget announcement this Wednesday is to build a high-wage economy and “level up” across the UK.
What is the minimum wage?
Minimum wage is the minimum hourly rate of pay that workers are entitled to by law, no matter how small their employer is.
How much you get depends on your age and whether you're an apprentice.
Currently, Brits aged 23 and over are entitled to the National Living Wage of £8.91, with a lower rate of £8.36 for 21 or 22-year-old workers.
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The rate for under 21s is £6.56, under 18s get £4.62 and apprentices should be paid at least £4.30 per hour.
You must be at least 16 years of age to get the minimum payment, but you're entitled to it even if you only work part-time.
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