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Millions of Workers Set to Receive Pay Rise as National Living Wage Increases

Pensioners and Universal Credit Claimants Also Benefit from Financial Boost

In a welcomed development for millions of workers across the country, a significant increase to the National Living Wage has taken effect, resulting in a notable bump in pay for many individuals. Approved last year, this wage hike, along with other financial adjustments, promises to alleviate financial strains for workers and retirees alike.

Chancellor Jeremy Hunt announced the raise during last November’s autumn statement, revealing that the National Living Wage would surge by more than £1 an hour. From this week onward, the wage has escalated from £10.42 to £11.44 per hour, translating to a substantial increase of over £1,800 annually for full-time workers. Additionally, the eligibility for the National Living Wage has been expanded by reducing the age threshold to 21-year-olds for the first time.

According to estimates from the Department for Business and Trade, approximately 2.7 million workers will directly benefit from this year’s National Living Wage increase. Chancellor Jeremy Hunt emphasized the significance of this move, stating that it would effectively end low pay in the country, fulfilling a key manifesto promise.

In addition to workers, pensioners are also set to experience a financial uplift as the state pension receives a substantial increase. Committed to honouring the triple lock on pensions, Chancellor Jeremy Hunt confirmed that state pensions would rise by up to £900, equating to an 8.5 per cent increase. This adjustment, in line with average earnings, inflation, or 2.5%, whichever is highest, aims to provide much-needed relief to retirees, ensuring their financial security.

Furthermore, millions of Universal Credit claimants will also witness a boost in their payments, courtesy of the Department for Work and Pensions. Chancellor Hunt announced a 6.7 per cent increase in Universal Credit and other benefits during last year’s autumn statement, aligning with September’s inflation figures. This uplift, averaging £470 for 5.5 million households, underscores the government’s commitment to supporting those in need and addressing financial disparities.

As these increases take effect, individuals across various demographics can anticipate improved financial stability, signalling a positive step towards economic recovery and social welfare enhancement.

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