UK to Announce New Wage Rate
World Economy

UK to Announce New Wage Rate

Britain will introduce a new, compulsory National Living Wage for workers aged over 25 which will rise steadily between its introduction next April and 2020, Finance Minister George Osborne said on Wednesday.
In a surprise announcement within a post-election budget statement, Osborne said the new wage rate would be set at £7.20 ($11.06) an hour, higher than the £6.70 hourly rate that the existing minimum wage is set to reach in October, Reuters reported.
Osborne said the new wage rate would rise to £9 an hour in 2020. Increases to the existing minimum wage are set only on a yearly basis.
The official also said the government's official budget forecasters believed the new wage would have only a fractional effect on jobs.
He said higher tax receipts meant he could implement a "smoother" path to recording a surplus in the government finances, but stressed that he would not back away from tackling the deficit.
"You only have to look at the crisis unfolding in Greece as I speak to realize that if a country is not in control of its borrowing, the borrowing takes control of the country," Osborne said. "Britain still spends too much, borrows too much, and our weak productivity shows we do not train enough or build enough or invest enough."


Short URL : http://goo.gl/uCHQjH

You can also read ...

Qatar Capable of Overcoming Siege Challenges
Qatar affirmed its ability to overcome the challenges of the...
Japan Inflation Inches Higher
Japan’s inflation picked up slightly in June, largely because...
Apple Inc won guarantees from the Trump administration that its lucrative iPhones would ship from China  without being subject to tariffs.
Big companies in the United States from Amazon.com Inc to...
Today, income inequality in the US is greatest among Asians. Asians displaced blacks as the most economically divided racial or ethnic group in the US.
The rich are getting richer and the poor are getting poorer in...
State-Actors Likely Behind Singapore Cyberattack
State-actors were likely behind Singapore’s biggest ever...
S&P Affirms Russia’s Stable Outlook
Standard & Poor’s said in a statement on Friday that it...
Argentina Making Fiscal Progress
Argentina is “unequivocally” making progress on its goals to...
Growing Inflation Looms Large Over India’s Economy
From rising crude oil prices to a poor start to rice-planting...