It's the day of the Budget, when new chancellor Rishi Sunak is expected to announce a raft of measures designed to help bolster households, public services and the economy over the next 12 months.
There will be support for self-employed workers amid the coronavirus outbreak, while pensions, potholes and and social care will also most likely get a mention.
But one of the biggest changes that will affect workers has already been confirmed – and that's a rise in the minimum wage.
From April 1, 2020, millions of people will get a pay rise thanks to an increase in the minimum wage for all basic rate workers.
Around 2million people will be affected by it – mostly the lowest income households and those on apprenticeships.
Next month, the National Living Wage (NLW) – the rate for over 25s – will go up from £8.21 to £8.72 an hour, marking a 6.2% increase.
Apprentices and all other basic rate workers over the age of 16 will be affected by the change that kicks in on April 1.
The rates, set by the Low Pay Commission, will equate to an increase of £930 over the year for a full-time worker aged 25 or older.
Younger workers who receive the National Minimum Wage will also see their pay boosted with increases of between 4.6% and 6.5%, dependant on their age, with 21-24 year olds seeing a 6.5% increase from £7.70 to £8.20 an hour.
How much is the minimum wage right now?
At present, bosses have to pay all workers the following rates:
Aged 25 or older? You're currently entitled to £8.21 an hour
Aged 21-24? You're currently entitled to £7.70 an hour
Aged 18-20? You're currently entitled to £6.15 an hour
Aged below-18? You're currently entitled to £4.35 an hour
Apprentice? You're currently entitled to £3.90 an hour
How much is my pay going up in April 2020?
However, next year these rates are changing to:
Aged 25 or older? You'll soon be entitled to £8.72 an hour
Aged 21-24? You'll soon be entitled to £8.20 an hour
Aged 18-20? You'll soon be entitled to £6.45 an hour
Aged below-18? You'll soon be entitled to £4.55 an hour
Apprentice? You'll soon be entitled to £4.15 an hour
New minimum wage rates from April 2020
Difference between the 'living wage' and 'minimum wage'
The 'National Living Wage' and the 'Minimum Wage' are both set by the Government and all employers must comply.
However, the 'Living Wage' is a completely separate entity set up by the Living Wage Foundation. It's also reviewed annually.
The latter is not a legal requirement, but more what campaigners believe workers should be earning (factoring in inflation and so on). Many employers – such as supermarkets – have chosen it in favour of it over the government's guidelines and therefore pay their workers more.
Currently the Living Wage stands at £9.30 an hour in the UK, or £10.75 if you live in London. The rates apply to all those aged 18 or over. Here is a full list of the employers that pay it .
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