Brits are set for a mega pay increase soon.
The news of the National Living Wage rise was announced at this year's Conservative Party Conference. The minimum wage is the rate businesses pay to those under 23 who work.
The National Living Wage is higher than the National Minimum Wage for workers aged 23 and over. And the Chancellor said the statutory rate will increase to £11-an-hour from £10.42.
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Now the exact date of the increase has been revealed as it should come into effect from April 1, 2024. Over the course of a year, the pay increases to over £1,000 for most workers.
However, the ongoing cost of living crisis means incomes "will not return to pre-Covid levels until 2026 for many families", according to new research.
The real incomes of the poorest half of UK families will not get back to their pre-pandemic levels, suggests the National Institute of Economic and Social Research (NEISR).
Professor Adrian Pabst, from the NIESR, said: "Higher real wages this year are a welcome boost, especially for low-income working families who have been hit hardest by the Covid and inflation shocks.
"But a return to pre-pandemic living standards will require sustained real wage growth, including further increases in the National Living Wage.
"Only a rethink of economic and social policy can avoid another period of protracted stagnation where the United Kingdom falls further behind other advanced economies and regional disparities continue to widen."
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It called on the government to increase public investment rather than implementing tax cuts ahead of the autumn statement later this month.
"In its absence the UK is set for a decade in the doldrums and poor aspects for regional regeneration," it said.
Now for the £1,000 wage increase, it's important to note this amount depends on how much you earn over the calendar year, the hours worked and amount you're taxed.
But the increase itself is set to take place from April 1 onwards.
Workers under the Living Wage Foundation will receive around £12 an hour outside London, a rise of £1.10, and £13.15 an hour in the capital, a £1.20 increase.
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