National living wage to rise by almost 10% to £11.44 an hour

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Nearly 3 million low-paid workers will receive a pay increase of almost 10% next spring after the chancellor announced an increase in the national living wage to £11.44 an hour.

Article originally published by The Guardian. Hargreaves Lansdown is not responsible for its content or accuracy and may not share the author's views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

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22 Nov 2023

Jeremy Hunt said the earnings of full-time workers would rise by £1,800 a year as a result of a move that the Low Pay Commission (LPC) said met the 2019 Conservative pledge to end poverty pay in the UK.

The chancellor accepted in full the recommendation of the LPC – the body set up to advise ministers on the level of the national legal minimum wage – by announcing the largest ever cash increase in the low pay floor.

The increase from £10.42 to £11.44 comes against a backdrop of a cost of living crisis in which inflation peaked at 11.1% – the highest in 40 years.

Eligibility for the national living wage (NLW) will also be extended by reducing the age threshold from 23 to 21.

According to the Treasury, a 21-year-old will get a 12.4% increase, from £10.18 this year to £11.44 next year, worth almost £2,300 a year for a full-time worker.

National minimum wage rates for