Minimum wage Sheffield: when is the Budget, and what is national living wage
The minimum pay rate for those aged over 23 is known as the national living wage.
What is the national living wage, how much will it increase by and when will the changes come into effect?
The national living wage for those aged over 23 is currently £8.91 an hour. The national living wage for those aged over 23 will rise to £9.50 an hour from April, 1 2022.
That means minimum wage workers aged 23 and over in Sheffield could take home an extra £1,074 a year before tax.
Will minimum wage increase for under 23 year olds?
The national minimum wage for individuals aged 21-22 will also rise, from its current rate of £8.36 an hour to £9.18 an hour. The Apprentice Rate will also increase from £4.30 to £4.81 an hour.
When will the changes to the national living wage and minimum wage be announced?
These changes will be announced at this week’s Budget on Wednesday, following the recommendation of the Low Pay Commission.
Chancellor Rishi Sunak will deliver the autumn Budget on Wednesday, October 27 at around 12.30pm in the House of Commons.
What else can be expected in the autumn Budget?
Rishi Sunak is set to announce that public sector workers like nurses, teachers and members of the armed forces will see their wages rise next year after the government confirmed their pay freeze is being lifted.
MORE POLITICS: Sheffield Council backs calls for 15 percent NHS pay rise
Campaigners for a freeze in fuel duty have also been told to expect the tax to be frozen for a twelfth year in a row.
Rishi Sunak's second Budget of the year will focus on "looking to the future and building a stronger economy for the British people", the Chancellor has said.
What is the Budget?
Every spring, the Chancellor of the Exchequer, head of Her Majesty’s Treasury, outlines the government’s plans for taxation and spending for the next year in a Budget statement delivered to UK members of parliament (MPs) in the House of Commons.
The Budget is held alongside an independent report on the state of the economy from the Office for Budgetary Responsibility, which oversees government spending.
The last Budget was held in March 2021 when Rishi Sunak announced the phasing out of the UK Government’s coronavirus relief packages such as the furlough scheme and universal credit uplift.
Who is Chancellor Rishi Sunak?
Rishi Sunak was appointed Chancellor of the Exchequer on February, 13 2020. He was previously Chief Secretary to the Treasury from July 24, 2019 to February 13, 2020.
Prior to that he was Parliamentary Under Secretary of State at the Ministry of Housing, Communities and Local Government from January 9, 2018 to July 24 2019.
He was elected Conservative MP for Richmond (Yorks) in May 2015 and served as a Parliamentary Private Secretary at the Department for Business, Energy and Industrial Strategy from June 2017 until his ministerial appointment.