Reflections on the National Living Wage and its impact on the retail sector
In July 2015 Chancellor George Osborne announced that the UK government planned to introduce a compulsory minimum wage for all employees over 25 years of age. The ‘National Living Wage’ came into effect on April 1 2016 and under this new law the minimum wage has increased to £7.20 p/h from the former £6.70 p/h. The principal is of course very sound; raise the amount of money people are paid so they have more disposable income to feed back into the economy. It also, rather cleverly, makes those under the age of 25 much more employable as they do not qualify for the 50p pay rise which should in theory help to tackle youth unemployment.
To see the full article please visit http://www.michaelpage.co.uk/our-expertise/retail-recruitment/reflections-national-living-wage-and-its-impact-retail-sector