National Living Wage increase from April will give workers £160 a month boost | Personal Finance | Finance

Millions of workers across the UK are set to see a significant increase in their wages over the coming weeks. The most noticeable change will be felt by the lowest-paid individuals, who will benefit from the rise in the National Living Wage starting from April.

Those earning the minimum wage can look forward to an improvement in their living standards following last year’s confirmation of the wage increase. This boost will become apparent from April when millions of workers will see a pay rise.

The National Living Wage is set to increase from £10. 42 to £11.

44 per hour – a jump of £1. 02.

Additionally, the age bracket for the Living Wage is being expanded to include all those aged 21 and above, as opposed to only those over 23, reports Birmingham Live.

Meanwhile, the rate for individuals aged between 18 and 20 will go up from £7. 49 to £8.

60, while those under 18 and apprentices will see their pay rise from £5. 28 to £6.40.

The £1.02 hourly increase for those over 21 equates to roughly an extra £160 a month based on the average working week, providing a substantial boost to millions struggling with the cost of living crisis.

These changes will coincide with increases to benefits and pensions, as April marks the start of the new financial year. Increases to Universal Credit, other benefits and the State Pension were confirmed by Chancellor Jeremy Hunt in last year’s Autumn Statement.

Next week’s Budget, a major political event where the Government shares its spending plans, is expected to bring more announcements. Reports suggest that the Chancellor might cut National Insurance further, which would give working people more money, before the general election later this year.