We will introduce a new National Living Wage for all working people aged 25 and over. It will start next April at £7.20 an hour and we expect it to reach over £9 by 2020.
It will mean two and a half million people get a direct pay rise. Those currently on the minimum wage will see their pay rise by over a third this Parliament, a cash increase for a full time worker of over £5,000.
We’re also increasing the Employment Allowance by 50 per cent so a firm will be able to employ 4 people full time on the new National Living Wage and pay no national insurance at all.
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