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Friday, 22 November

Budget - Living Wage and Apprenticeships Get Boost

The Chancellor has announced a compulsory National Living Wage to be administered by the Low Paid Commission. The Office for Budget Responsibility (OBR) has stated that a living wage might have an impact on jobs in the short-term but will be a positive contributor to 1 million more jobs by 2020.

A cut in corporation tax and national insurance will be made to help all firms adjust. An apprentice scheme that sees big firms paying into a fund on the basis they will get more out than they pay if they take on apprentices has also been included in today's (Weds 08) budget.

An extract from today's report from the OBR 'Economic and fiscal outlook - July 2016 says: 'The NLW (National Living Wage) will rise from £7.20 in April 2016 (equivalent to around 55 per cent of estimated median hourly earnings for employees aged 25 and over) to around £9.35 in April 2020 (reaching 60 per cent of expected median hourly earnings for that group) in steps that imply the rise relative to median hourly earnings is a straight line. The effective minimum wage for the affected age group will therefore be over 13 per cent higher in 2020 than would otherwise have been the case.

Picture: The full OBR report can be read here - warning - it is 221 pages long but does contain a comprehensive index - can be read by Clicking Here

Article written by TWinFM Reporter

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