The government has announced plans to increase the National Living Wage (NLW) to 66% of median earnings over the next 5 years.
In a speech at the Conservative party conference the Chancellor, Sajid Javid, said this would see the NLW rise to £10.50 an hour by 2024. He also said that the NLW, which is the statutory minimum wage for anyone over the age of 25, would be expanded to cover those over the age of 21 within the same five year timeframe. Previously it had been planned to increase the NLW to increase to 60% of median earnings by 2020.
The NLW is currently £8.21 per hour, with the minimum wage set at £7.70 for those between 21 and 24.