The move puts Britain on track to meet its target for the minimum wage to reach 60% of median earnings by 2020, it added.
Britain’s unemployment rate has fallen to its lowest since the 1970s and employment recently hit a record high, despite the minimum wage rising by more than a quarter since 2015 to now stand at 8.21 pounds an hour for those aged 25 and over.Minimum pay rates for younger workers will also increase by between 4.6% and 6.5%, depending on their age, the government said.
“For this policy to be sustainable, government must offset these costs by reducing others – and impose a moratorium on any further upfront costs for business.” In 2015, faced with complaints about stagnant living standards, Conservative finance minister George Osborne said he wanted to raise the minimum wage for over-25s to 60% of median earnings by 2020 – implying bigger annual increases.
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