When does the minimum wage go up?
PAY packets will be healthier for millions of Brits as Jeremy Hunt has hiked the minimum wage rate.
The Chancellor revealed plans to hike the amount people on minimum wage get paid in his Autumn Statement yesterday.
The Chancellor revealed plans for a 9.7% hike, which will see the living wage threshold rise from £9.50 to £10.42 an hour.
The move will mean a pay day for more than 2.5m Brits.
The National Living Wage is the minimum amount all employers have to pay staff aged 23 and over.
The rate is decided by the government each year based on recommendations by the Low Pay Commission (LPC).
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The National Minimum Wage is the minimum pay per hour for workers under the age of 23 and is also going up.
Those aged 21 – 22 currently get £9.18 and those aged 18 – 20 get £6.83.
These will rise to £10.18 (10.9%) and £7.49 (9.7%) an hour respectively from April.
But when will the boost to minimum wage roll out? We explain all you need to know.
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When will the minimum wage rate go up?
The Treasury confirmed that the minimum wage rate will go up from April 1, 2023.
That means that you'll have to wait for another five months to see the extra cash land in your pay packet.
How much extra will I get per year?
People on the National Living Wage will see their pay packets increased by 92p which means an additional £32.20 a week and £1,674.40 a year.
Under the hikes, Brits on minimum wage aged 21 – 22 will get an extra £1 per hour.
That's an extra £35 per week - which works out at an extra £1,820 per year.
Those aged 18-20 will get an extra 66p an hour.
That's an extra £23.10 a week and £1,201.20 a year.
Apprentices will see their pay go up from £4.81 to £5.28 an hour, which is a 47p increase.
This translates to £16.45 extra a week and £855.40 a year.
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Meanwhile, The Chancellor also revealed plans foe a £900 payment for people on Universal Credit and £150 payment for disabled people.