Tag Archives: happy

How will the National Living Wage increase benefit you?

8 Mar

In April 2016 the National Living Wage law will be enforced, so if you’re 25 or over you could be seeing an increase of 50p hour in your wage slip! It makes no difference if you’re paid weekly, monthly, part-time, full-time, by cash, by BACS or by cheque – you are entitled.

Previously employees over 25 were entitled to a minimum wage of £6.70 per but with the new rules in place your employer is required by law to pay you at-least £7.20 per hour. In a recent Government survey 70% of workers have said they will feel more positive with the wage increase and 59% agreed they would be more motivated whilst at work.

Although this is the biggest minimum wage increase in several years it can be hard to picture the impact it will have on your life, so to make things easier we’ve made a list of what the extra income could get you over a year if you were working 35 hours a week.

  • An all inclusive 4* week long holiday to Majorca for a family of four

  • A brand new 64gb Iphone 6s Plus

  • 2 x GT 27.5 Aggressor Mountain Bikes

  • 1,216 Chocolate bars

  • £880 towards the deposit of a house using a help to buy ISA

  • A Louis Vuitton classic Speedy 40 Handbag

  • 6,083 Bananas

  • A Samsung UE50JU6400 Smart Ultra HD 4K 50” LED TV

  • 3,650 Nappies

Whether it’s going to go towards a luxury treat or help towards your monthly bills the increase is going to benefit households all across the UK with only just over 3 weeks until it takes effect.

Prices and figures are based on market searches as of March 2016 and may vary.

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