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‘We are delivering security for working people by putting more money in their pockets and undoing the damage of previous years,’ writes Business Secretary Jonathan Reynolds
The last few years have made me proud of Britain’s workers and businesses. Their graft hasn’t gone unnoticed and it’s clear that they deserve better.
In our Plan for Change we committed to making sustainable growth a reality, stripping away the barriers to delivering economic security, rising wages and an era of renewal.
We haven’t been ashamed to say that we’re pro-worker and pro-business. The Employment Rights Bill will introduce new rights for every worker in our country, reshaping the world of work as we know it and putting up to an extra £600 into people’s pockets every year.
And from today, thanks to the decisions made by the Chancellor in the Autumn Budget, we are boosting the National Minimum Wage and the National Living Wage, giving an extra 3 million eligible workers throughout the country an extra £1,400 per year.
This will benefit millions of workers including workers who are 21 and over on the National Living Wage who will see a 6.7% increase in their pay, whilst 18-20 year olds will receive an extra £1.40 per hour and apprentices and under 18s getting an additional £1.15 per hour.
But the National Living Wage and National Minimum Wage are exactly that – a minimum.
Some businesses have raised concerns about increasing wage bills but I’m proud to see that many know the value of going above and beyond and paying their workers more.
Well paid staff are happier staff and for most employers, this should lead to greater productivity, higher retention rates and lower recruitment costs in the long term.
This increase is all about recognising the value of hard work and finally getting to a stage where the lowest paid aren’t left behind.
We are delivering security for working people by putting more money in their pockets and undoing the damage of previous years in our decade of national renewal.
Change will take time, but if we want our economy to grow and businesses to thrive then we must take working people with us, boosting living standards and ensuring that when people have a job that we make work pay.