Spring Statement: What is National Minimum Wage UK 2022? When will it go up - and what will it increase to?

The National Minimum Wage is set to increase in April, but with the cost of living on the rise, will it be enough to ease the pressures of inflation?

Here’s everything you need to know about when the National Minimum Wage will rise, and what this means for you.

What is the new National Minimum Wage?

The National Minimum Wage will increase depending on your age group.

The rate for apprentices will rise from £4.30 an hour to £4.81 an hour.

The hourly rate for people aged 21-22 will go up from £8.36 an hour to £9.18 an hour.

National Living Wage for over the age of 23 will increase to £9.50.

When will the National Minimum Wage increase come in?

The new increased rate of National Minimum Wage will come into affect from April 1, 2022.

Who will qualify for the National Minimum Wage increase?

To qualify for an increase, it will again depend on your age group.

National Living Wage - Apprentices and those aged 16-17 years old will now earn £4.81 an hour.

Those aged 18-20 years old will now take home £6.83 an hour.

For anyone aged 21-22 years old, their hourly rate will increase to £9.18 an hour and for anyone aged over 23 the hourly rate will increase to £9.50 an hour.

Why is the cost of living in the UK soaring?

There are many reasons for the soaring costs of living in the UK.

People have been faced with rising costs for petrol, home heating, food and essentials.

Causes for the rise in inflation and cost of living include Brexit, the Covid pandemic and now the war in Ukraine.

From shortages of goods, to record high prices for gas and oil, people throughout the UK have been left feeling the pinch.

In the Spring Statement, Chancellor Rishi Sunak will set out how he intends to ease the cost of living crisis, which could include:

- A cut to fuel duty to combat a record-breaking spike in prices at petrol pumps

- A boost to benefit payments

- Delaying a planned increase to National Insurance payments.

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