PAY could go up to as much as £10 an hour in three years' time as an initial increase to the minimum wage is expected this Wednesday.
It's expected to be announced in the Budget later this week that the National Living Wage will increase to around £9.42 per hour.
Currently that compares to the £8.91 rate workers recieve.
The roughly £1.50 increase could be set to make up for Universal Credit cuts that hit 3.2 million working families at the begining of the month too.
Because borrowing is £135billion lower than predicted, Chancellor Rishi Sunak has more money for the three year spending review to be unveiled alongside his Budget.
That means experts are predicting minimum wage rates to hike to as much as £10.50 an hour by the time the next general election rolls around.
The next general election is due to take place on May 2, 2024, in just three years' time, coinciding with these predictions.
It's not the first time the claim has been made though as Boris Johnson demanded bosses give workers a decent pay rise, and as much as £10 an hour, at his big conference speech earlier in the month.
Plus some big bosses have taken it upon themselves to jump the gun of the hikes, offering out wages higher than the minimum in order to cover the shortfall of staff seen in recent weeks.
Sainsbury's and Morrisons are both offering above minimum wage as the supermarkets look to hire thousands of Christmas temps.
But not only are retail bosses hiking their wages, lorry drivers have been offered £1,000 joining bonuses as incentive amid shortages.
The incentives, of course, are to drive Brits back to the workplace after the fallout of Brexit and the end of furlough, but The Mirror reports this could reflect worse on our pockets.
It says that the higher wages to fill job vacancies, especially in the hospitality sector, are driving product prices up along with it – already making something like a pint cost as much as £6 in some areas.
But other measures are being taken to get more Brits in better standing with job roles.
Sunak is set to launch a £3billion skills revolution to train thousands of British workers for better-paid jobs.
The overall goal of the Budget announcement this Wednesday is therefore to build a high-wage economy and “level up” across the UK.
What is the minimum wage?
The majority of workers in the UK are entitled to receive the National Minimum Wage, but the amount they are paid is dependent on their age.
Currently, Brits aged 23 and over are entitled to the National Living Wage of £8.91, with a lower rate of £8.36 for 21 or 22-year-old workers.
The rate for under 21s is £6.56, under 18s get £4.62 and apprentices should be paid at least £4.30 per hour.
You must be at least 16 years of age to get the minimum payment, but you're entitled to it even if you just do part-time work.
We pay for your stories!
Do you have a story for The Sun Money team?
Email us at email@example.com
Source: Read Full Article