Budget 2017 – National Living Wage to rise to £7.83 an hour
The National Living Wage is set to rise from £7.50 to £7.83 in April, the Chancellor confirmed in his Budget today
THE National Living Wage will rise from £7.50 to £7.83 for those aged 25 and over, the Chancellor confirmed in today's Budget.
Philip Hammond made the announcement as he addressed the House of Commons today.
The 33p-an-hour rise will be introduced in April.
The increase will see a £600-a-year pay rise to full-time workers who do a 38-hour week.
The National Living Wage is the amount of money all employees aged over 25 are legally entitled to.
All workers received a boost in pay when the National Living Wage was increased earlier this year from £7.20 to £7.50 an hour in Philip Hammond's Spring Budget 2017.
Mr Hammond is aiming to get the wage to £9 by 2020.
The first annual increase in the National Living Wage was introduced by former Chancellor George Osborne.
BREXIT BUDGET Budget 2017 LIVE – all the latest news, updates and reaction to Philip Hammond’s crucial economic statement
But the amount is still well below the Real Living Wage, a voluntary scheme to which thousands of employers including retailers, local authorities and charities have signed up.
The foundation's calculations put the real Living Wage at £8.45 an hour - and £9.75 in London.
More about the Budget 2017
These rates also apply to over-18s "in recognition that young people face the same living costs as everyone else".
Today marked the first time in more than 20 years that the Budget was presented in the autumn.
There used to be two announcements on fiscal changes each year, a spring Budget and an Autumn Statement – effectively a “mini-budget”.
We pay for your stories! Do you have a story for The Sun Online Money team? Email us at [email protected] or call 0207 78 24516