Minimum Wage and Annual Leave Raised
As the annual leave for all employees who work 5 days a week is set to rise from the statutory 20 days to 24 days, so to is the basic minimum wage.
At present the national minimum wage is £5.35 for adults, £4.44 for 18-21 year olds and £4.30 for 16-17 year olds. From the 1st October the statutory minimum wage is £5.52 for adults, £4.60 for young adults and the 16-17 year olds will now be legally entitled to £4.40 per hour.
Last year the compulsory minimum wage increase cost retailers £1.7 billion. However, the ultimate aim is to improve the lives of many low paid workers and their families in the UK, but it is hoped that business and the economy will benefit too, as the rises will produce a more motivated workforce thus leading to better productivity.
We may also see an increase in product prices as consumers have more income, and at the same time business will have to increase costs to pay for the increased wage bill.
The annual leave increases will benefit up to six million people whilst the minimum wage payrise will benefit over one million british workers. It can only be a good thing.
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