24 April 2012
Minimum wage increase lower than eight years ago
The planned increase to the minimum wage will actually leave it lower than eight years ago when cost of living increases are considered according to the latest research.
The minimum wage has increased by less than inflation for the last three years and this coming October’s rise from £6.08 to £6.19 will leave it 6% below its 2009 peak in real cash terms.
Research from the independent think tank, Resolution Foundation, suggests that the national minimum wage is now at 50% of median earnings.
For more information about this research and the Resolution Foundation’s Commission on Living Standards visit: http://www.livingstandards.org/