What is the national minimum wage in 2023? – The US sun

MILLIONS of workers are entitled to the national minimum wage.

Prices are expected to rise again in April 2023. Here’s everything you need to know.

1

What is the national minimum wage?

How much you are entitled to depends on your age.

The National Minimum Wage (NMW) is the minimum wage per hour for workers under the age of 23.

The National Living Wage, the minimum wage for people over 23, is slightly higher.

However, both differ from the Real Living Wage – a voluntary minimum wage that some employers are committed to paying, which is £10.90 or £11.95 in London from January 2023.

Those rates increased by 10% in September 2022, benefiting nearly 400,000 workers.

The first national minimum wage was set by the Labor government in 1998.

It originally applied to workers aged 22 and over, and there was a separate rate for workers aged 18-21.

Before that, there was no official tariff, although unions fought hard to corner their members.

In 2004 a separate tariff for 16-17 year olds was introduced and in 2010 21 year olds became eligible for the NMW adult tariff.

Wages rose in April 2022, giving many workers a pay boost.

The rate is set each year by the government based on recommendations from the Low Pay Commission (LPC).

Millions will benefit from the annual increase as workers grapple with rising inflation and the ongoing cost-of-living crisis.

Businesses will be named and shamed if they fail to pay the basic amount required by law.