Labour Government plans to raise minimum wage for 18-20-year-olds and potentially increase inflation.
Labour Government plans to transform minimum wage, providing a significant boost for millions of workers in the UK. The party intends to scrap minimum wage age bands for adults, resulting in a rise for workers aged 18-20. The current over 21 rate is £1,654 a month, expected to increase due to the new plans. This could lead to higher inflation and unintended consequences for employee benefits, putting pressure on businesses and the Bank of England.
July 08, 2024
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