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UK Minimum Wage to Rise in 2024, Growth Commission Calls for Adjustments
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The UK minimum wage will increase to GBP11.44 in April 2024, with the national living wage for 21 and 22-year-olds also rising to GBP8.60 per hour. The Growth Commission report suggests adjusting the minimum wage level to 66% of the median wage, which is deemed uncompetitive and a significant drag on the economy. The national living wage is set to reach two-thirds of median hourly pay by October 2024.
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How can businesses balance the need for fair wages with their competitiveness and profitability?
How might the increase in the minimum wage affect employment rates and job creation?
What are the potential consequences of adjusting the minimum wage level to 66% of the median wage?
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