National Minimum Wage Increase Announced

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Vince Cable, the Business Secretary, has announced increases to the National Minimum Wage (NMW) with effect from 1st October, 2013 as follows:
Apprenticesfrom £2.65 to £2.68 (increase of 3p)
For 16 and 17 year oldsfrom £3.68 to £3.72 (increase of 4p)
For 18 to 20 year oldsfrom £4.98 to £5.03 (increase of 5p)
Adultsfrom £6.19 to £6.31 (increase of 12p)
Cable said the lower rise for the young was “recognising the higher unemployment rate amongst young people”. The TUC general secretary, Frances O’Grady, said: “Boosting the incomes of the low paid goes straight into the economy and wage-led growth must be part of the recovery, so we would have liked to have seen minimum wage rates go up further today, even if the government has rightly rejected calls for a freeze.”

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