The new mandatory UK National Living Wage has come into force, requiring employers to pay some workers – aged 25 and over – at least £7.20 an hour.
It is expected to give 1.3 million workers an immediate pay rise although many will be worse off, as the threshold at which people can claim Working Tax Credits will fall from £6,420 to £3,850 per year and from £16,105 to £12,125 per year for people only receiving Child Tax Credit.
ADVERTISEMENT
Workers aged 21 to 24 will continue to be entitled to the National Minimum Wage of £6.70 an hour.
Given that it is aimed at the core age group for retail staff, how will it affect MI retail businesses and will recent cuts to business rates really offset any rise in staff costs?
Click on our poll here
