Tabled in 2015, and officially introduced in 2016, the National Living Wage is a wage scheme designed to be higher than the minimum wage. It applies to all those aged 23 and up who are not in the first year of an apprenticeship. From 1 April 2022, the National Living Wage stands at £9.50 per hour. For the vast majority of workers in the UK, the minimum wage in 2022 will see increases across the board across each relevant age range. That includes wages for 16-17-year-olds (£4.81 with a 4.1% increase), 18-20-year-olds (£6.83 with a 4.1% increase) and 21-22-year-olds (£9.18 with a 9.8% increase).
Increasing the national minimum wage without there being adjustments to income/means tested benefit considerations meant our poorest had much less money coming in. No increase without increasing benefit calculation thresholds.
Yes, minimum wage should be a liveable wage and corporations would very happily return to slavery if they could, government regulation will also be required but increasing minimum wage alone won’t fix the problem.
I fear that it will only cause prices to increase in a never ending cycle. However, if lots of people are struggling then it may have to be increased and adjusted according to inflation. There are also existing schemes, help from government and other services to help people with cost of living.
The minimum wage should be abolished allowing for more negotiation and flexibility during hiring, however the minimum wage should be a company's starting offer. This wage should not be allowed to affect product pricing.
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