21 August 2015

  |  CBI Updates Team

Update

The National Living Wage – helping you prepare

The CBI’s Intelligence First service can help advise you on the impact of the new National Living Wage.

The National Living Wage – helping you prepare

One of the biggest moves in this summer’s budget was the announcement of a new National Living Wage (NLW). As the CBI set out in our response to the budget, while businesses support a higher skilled, higher wage economy, the introduction of a NLW is a big gamble for business. 

Click here to read the CBI’s response to the budget

That’s because the NLW, which will raise the minimum wage for those aged 25 and over to £7.20 in April and to £9 by 2020, will significantly impact many businesses. The initial move to £7.20 represents a 70p hike over the current adult rate - and to get to £9 an hour by 2020, increases in the region of 6 per cent year-on-year will be needed.

In order help you prepare for this policy change, our Intelligence First service steers you through what we know about the policy, what you need to consider and what action the CBI is taking. This is an exclusive service for members that can advise on the strategic implications for your company of evolving regulatory and economic issues. This can help inform your decision making, and improve understanding about how changes in the business environment can affect your company. 

Click here to find out more about Intelligence First

For more information or to register your interest in Intelligence First, please contact rachel.smith@cbi.org.uk.