The chancellor, Sajid Javid, has said that his party will increase the national minimum wage to £10.50 by 2024. The proposed rate will apply to all workers aged 21 and over and will be labelled a 'National Living Wage' (which currently only applies to those workers aged 25 and over).
Currently the NMW rates are as follows:
- £8.21 - workers aged 25 and over
- £7.70 - workers aged 21-24 years old
- £6.15 - workers aged 18-20 years old
- £4.35 - workers under the age of 18
- £3.90 - apprentices
The organisation campaigning for a real Living Wage says that rates are still lower than workers need to meet the real costs of living. Currently over 5,000 UK employers paid a real Living Wage - currently £9.00 in all areas other than London which is £10.55.