National minimum wage increase: When does the minimum wage go up in 2020? | Personal Finance | Finance

Earlier this month Chancellor of the Exchequer Rishi Sunak announced the National Minimum Wage is going to increase. The change will come in with the new financial year – but when is that?

What is the National Living Wage?

At present, the National Living Wage for those over 25 is projected at £8.21.

This is more than 50p extra an hour than the Minimum Wage for the same age group. say the Real Living Wage is actually £9.30 across the UK, and £10.75 in London.

At the 2020 Budget, Mr Sunak said the National Living Wage is to rise.

He said: “By 2024 the National Living Wage will reach two-thirds of median earnings. On current forecasts, that means a Living Wage of over £10.50 an hour.

“We promised to end low pay, we’re getting it done.”

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