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The original was posted on /r/worldnews by /u/SecondAccount404 on 2023-11-21 21:56:40.
This is the best summary I could come up with:
LONDON, Nov 21 (Reuters) - Britain’s minimum wage will increase by 9.8% to 11.44 pounds ($14.26) an hour from April 2024, making it one of the highest as a share of average earnings of any advanced economy.
Finance minister Jeremy Hunt announced the increase on the eve of delivering a mid-year budget update which is expected to reduce taxation and put greater requirements on those out of work to seek employment or face losing benefits.
Last month Hunt told the annual conference of his Conservative Party that he intended to increase the minimum wage to at least 11 pounds an hour, part of a goal to raise it to two thirds of average earnings.
“The National Living Wage has helped halve the number of people on low pay since 2010,” Hunt said on Tuesday.
In 2022, the OECD estimated Britain’s minimum wage was equivalent to 58% of full-time earnings, the third-highest in western Europe after Portugal and France.
"As last year, businesses felt pressured to pass National Living Wage increases onto consumers.
The original article contains 326 words, the summary contains 172 words. Saved 47%. I’m a bot and I’m open source!
richdotward@lemmy.ca 1 year ago
Just ran the figures and based on paying the standard 5% into your pension then in extra money I get an 1.70 per month increase take home pay.
The rest of the increase is paid via tax relief direct into your pension. Can’t touch it though for years to come.
Good long term I guess but hardy helps short term. Most likely just encourage people to opt out the pension totally.