2023-11-21 12:52:59 ET
The United Kingdom's national minimum wage will rise by nearly 10% to £11.44 ($14.34) an hour from April next year.
The boost from £10.42 to £11.44 an hour would be the biggest cash increase in the national minimum wage in more than a decade.
"Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 ($2,258.25) a year. That will end low pay in this country, delivering on our manifesto promise," UK's Chancellor of the Exchequer Jeremy Hunt said in a statement on Tuesday.
"The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays," Hunt added.
UK will also extend the eligibility for the national minimum wage by reducing the age threshold to 21-year-olds for the first time. This will boost the wage for a 21-year-old by 12.4% to £11.44 an hour from £10.18.
Furthermore, the national minimum wage for younger workers will also increase, with 18 to 20-year-olds now getting £8.60 ($10.79) per hour – a £1.11 hourly pay bump.
According to an estimate by the Department for Business and Trade, the increase in the national minimum wage in 2024 will directly benefit 2.7M workers.
U.S.-listed exchange traded funds with significant exposure to UK stocks include: iShares MSCI United Kingdom ETF ( EWU ), iShares MSCI United Kingdom Small-Cap ETF ( EWUS ), Franklin FTSE United Kingdom ETF ( FLGB ), and Invesco CurrencyShares British Pound Sterling Trust ETF ( FXB ).
Currencies: ( GBP:USD ) and ( USD:GBP ).
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- UK GDP expanded 0.60% Y/Y in Q3
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- Bank of England holds rates at 5.25% as expected
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UK to boost national minimum wage by nearly 10% to £11.44 per hour