Minimum wage now worth less
Andrew Grice has been Political Editor of The Independent since 1998. He was previously Political Editor of The Sunday Times, where he worked for 10 years, and he has been a Westminster-based journalist since 1982. His column, Inside Politics, appears in The Independent each Saturday.
Tuesday 17 April 2012
The national minimum wage is now worth less than it was in 2004 and a higher rate should be introduced for workers aged 25 and over, according to a report published today.
The Resolution Foundation, an independent think-tank, found that the recently announced increase from £6.08 to £6.19 this October will leave the minimum wage 6 per cent below its 2009 peak in real terms because it has been rising by less than inflation.
Professor Alan Manning, of the London School of Economics, says in his report that the caution about raising it in recent years is justified but he finds the impact of the wage floor has now stalled.
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