Millions of workers will notice a bump in pay in their next payslip, as an increase to their wage approved last year takes effect.
Chancellor Jeremy Hunt announced that the National Living Wage would rise by more than £1 an hour from this week at last November’s autumn statement.
The National Living Wage has increased from £10.42 to £11.44 next month, a rise that Mr Hunt said would be worth more than £1,800 a year.
Eligibility for the National Living Wage has also been extended by reducing the age threshold to 21-year-olds for the first time.
The Department for Business and Trade estimates 2.7 million workers will directly benefit from the 2024 National Living Wage increase.
Speaking in November, Mr Hunt said: “Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise.
“The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays.”
Pensioners set for £900 increase
Pensioners will see their state pension increase by up to £900 from this week, as an announcement made at last year’s autumn statement comes into effect.
Chancellor Jeremy Hunt confirmed that the triple lock on pensions would be honoured, with state pensions set to rise.
Under the triple lock – which guarantees an increase in line with average earnings, inflation or 2.5%, whichever is highest - pensions will increase by 8.5 per cent next month.
He told MPs: "The triple lock has helped lift 250,000 older people out of poverty since its inception in 2011.
"It has been a lifeline for many during times of inflation.
"We honour our commitment to the triple lock in full. We will increase the new state pension by 8.5 per cent, worth up to £900 more a year."
DWP Universal Credit £470 increase
Millions of Universal Credit claimants will also see an increase in their payments from the Department for Work and Pensions.
Chancellor Jeremy Hunt announced that DWP Universal Credit payments would be rising in the new financial year during 2023’s autumn statement.
At that time, Mr Hunt told MPs in the House of Commons that the Government would increase Universal Credit and other benefits by 6.7 per cent, in line with September’s inflation figures.
The increase, which claimants will notice in their next payment, is worth an “average £470 for 5.5 million households”, the Chancellor said.
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