Britain Announces More Than 6% Hike in Minimum Wage in 2020
The British government is set to hike the national minimum wage by over 6% in 2020 to 8.72 pounds per hour. According to the government
The British government is set to hike the national minimum wage by over 6% in 2020 to 8.72 pounds per hour. According to the government, the hike in minimum wage will allow it to meet its target of achieving 60% of median earnings by the next year.
In his official statement announcing this move, PM Boris Johnson remarked, “Hard work should always pay, but for too long, people haven’t seen the pay rises they deserve”. The higher minimum wages will be implemented starting from April 1, 2020.
For the younger workforce, minimum wages are set to increase anywhere between 4.6% and 6.5% based on their age. In his election campaign, Johnson had pledged to hike minimum wages up to 10.50 pounds per hour by 2024.
Industry association BCC (British Chambers of Commerce) has cautioned against the move, stating that a higher increase in minimum wage than the rate of inflation could pressurize businesses’ cash flow and eat into their investments. The BCC added, “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.”
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals