Britain’s plan to raise the minimum wage to two-thirds of median earnings, taking it to 10.50 pounds (13.58 dollars) an hour, was endorsed by an independent review on Monday that found setting a floor on pay had a negligible effect on job creation.
Companies are now likely to see wage costs rise after December’s snap national election whatever the outcome.
Conservative Finance Minister Sajid Javid said in September he would increase the National Living Wage (NLW) to the new target by 2024, provided economic conditions allowed, and expand its reach to all workers over the age of 21, down from 25 now.
The opposition Labour Party said it would raise the minimum wage to 10 pounds (12.93 dollars) an hour immediately if it wins power.
An independent review commissioned by the government from economics professor Arindrajit Dube of the University of Massachusetts Amherst examined the impact of minimum wages in Germany, the United…
Source: Vanguard Newspaper