The 2024 minimum wage increase is significant, benefiting approximately 1.6 million workers with a 9.8% cash increase and a real-terms rise of 7.8%. This marks the third largest annual rise in the minimum wage’s history, coinciding with its 25th anniversary. The UK’s minimum wage, initially conservative at £3.60 per hour, has now become one of the world’s highest. Policy changes have led to notable pay growth and improved conditions in low-paid jobs since 1998. However, there’s uncertainty regarding future minimum wage policies beyond 2025, urging attention to neglected areas like Statutory Sick Pay. Click here for more insights from Resolution Foundation.
