29 February 2016: National Living Wage:
Since April 2015 the National Minimum Wage has been:
- Over 21: £6.70 ph
- 18-21: £5.30
- Under 18: £3.87
- Apprentice: £3.30
From the 1st April 2016 the New National Living Wage will add 50p per hour on top of the NWM for those aged 25 or older. From the 1st April the new rates will be:
- Over 25: £7.20ph (the National Living Wage)
- 21-25: £6.70ph
- 18-21: £5.30ph
- Under 18: £3.87ph
- Apprentices: £3.30ph
For someone aged over 25 working 38 hours a week, that means they will earn £273.60 gross, or some £245.42 net per week. The National Living Wage therefore equates to an annual salary of some £14,227 full time per annum.
The (non-obligatory) London Living Wage is currently £9.40 ph and according to the Guardian average London rents hit £1,500 pm last year, so as they say in America; Do the math…
See: The National Minimum Wage (Amendment) Regulations 2016
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