It will help up to 2m people
A 'large' increase will be made to the national living wage next year, Chancellor Jeremy Hunt announced in a package to help the hard-up. Speaking in his autumn statement in the Commons this lunchtime, he said the the national living wage would be increased to £10.42 from April 2023.
He claimed this would help two million of the lowest paid workers in the UK and was in step with the target to reach two-thirds of median earnings by 2024, as reported by Coventry Live. In real terms for someone on the living wage this change will account to a £1,600 pay rise. Mr Hunt told the Commons: “Today, I am accepting the recommendation of the Low Pay Commission to increase it next year by 9.7 percent. That means, from April 2023, the hourly rate will be £10.42 which represents an annual pay rise worth over £1,600 to a full time worker."It is expected to benefit over two million of the lowest paid workers in the country and keeps us on track for our target to reach two-thirds of median earnings by 2024.
Social rent rises will also be capped in a move designed to help people in social housing - while benefits and pensions will go up as planned as Mr Hunt revealed the 'triple lock' will be protected. In addition, payments of £300 would be made to pensioner households. Payments of £150 will also be made for individuals on disability benefit.
In addition, Mr Hunt said the Energy Price Guarantee will carry on for a further 12 months at a higher level of £3,000 per year for the average home. The Chancellor said the Government would also cap the rise in social rents to a maximum of 7 percent in 2023-2024.
Danmark Seneste Nyt, Danmark Overskrifter
Similar News:Du kan også læse nyheder, der ligner denne, som vi har indsamlet fra andre nyhedskilder.
Live: Chancellor delivers his autumn statement as UK is ‘now in recession’Jeremy Hunt has started delivering his AutumnStatement - follow the latest here.
Læs mere »
Chancellor Jeremy Hunt warned 'not to cut' budget for councils in Autumn StatementThe chancellor has been warned that local council budgets are under extreme pressure and need to be considered a priority ahead of his first Autumn…
Læs mere »
Extra £900 cost of living payment announced by ChancellorThe Chancellor has delivered his Autumn Statement in the House of Commons
Læs mere »
Household energy bills to rise from April, Chancellor confirmsThe energy price guarantee will continue for a further 12 months from April, but the cap will rise from the current £2,500 to £3,000 per year.
Læs mere »
Sacha Lord fears venues could close ‘faster than in pandemic’ following budgetSacha Lord fears entertainment venues could close ‘at faster rate than in pandemic’ following autumn budget
Læs mere »