2 million Brits get a raise as minimum wage jumps to $13 an hour

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London (CNN Business) Up to 2 million UK workers will be getting bigger paychecks starting in April following a hike to the minimum wage.

The minimum hourly wage for people over the age of 23 will increase by 6.6% to £9.50 ($13), the government said ahead of its budget announcement on Wednesday.

criticized as inadequate because The increase to the National Living Wage is more than twice the current inflation rate of 3.1%. But it has beencriticized as inadequate because inflation is expected to race higher in the coming months and the government is slashing benefits for some low earners while hiking taxes on workers.

Lower income households also spend a higher proportion of their income on energy bills, and they could come under further pressure as energy prices spike.

The UK regulator for the gas and electricity sector announced in August that the price cap protecting up to 15 million households from spiking bills would increase by up to 13% this month after natural gas prices set new records. Another increase in the cap is expected in April.

Fordmister on October 27th, 2021 at 00:41 UTC »

Not as uplifting as it sounds, cost of living is spiking due to issues with global wholesale gas and fuel prices among other things. I doubt the living wage increase does much more than take the edge of rising living costs. People aren't gonna have more money in their pockets at the end of each month. But at least they'll still be able to heat their home.

chillifocus on October 26th, 2021 at 21:48 UTC »

How much is that in Yen while we're at it?

DHG_Buddha on October 26th, 2021 at 21:43 UTC »

Is that £13 or $13.