Today saw the minimum hourly wage rise by a below inflation rate of 2.5%.
The new statutory rate for adults increased by 15p to £6.08.
There is a 6p rise to £4.98 for 18 to 20-year-olds, and a 4p increase to £3.68 for 16- and 17-year-olds, while the apprentice rate goes up by 10p to £2.60.
Personally, I have never seen the point (in terms of fair wealth distribution) of a minimum wage if it is not fixed relative to the economy, and wage increases based on percentage rates. An employee on a £100,000 annual salary awarded a 2.5% rise will receive not 15p but, £1.20 per hour more. Is it any wonder that year on year the gap between the rich and poor widens?
We all have to pay the same for property, fuel, VAT, Energy, Food etc.
May be I have got it wrong and the new minimum wage rates relate to Zimbabwe or Congo. :P
