The CBI calls for a bold new remit for the Low Pay Commission from 2024.
18 Sep 2023, 3 min read
What is happening to the National Living Wage next year?
The National Living Wage (NLW) is forecast to rise from £10.42 to £11.16 in April 2024, an increase of 7.1%.
This will mean the Low Pay Commission’s target of ensuring that the NLW meets two-thirds of median income will likely be met and that the government will have technically achieved its aim of abolishing ‘low pay’. But with cost-of-living pressures biting, many workers still feel low paid, while businesses are also struggling to make ends meet.
The CBI has called for a new approach to boosting living standards that prioritises productivity growth.
In evidence to the Low Pay Commission in early September, we highlighted that the UK now has one of the highest minimum wages in the world. But it also has an abysmal track record on securing the productivity growth needed to fund higher real terms pay.
The latest ONS statistics sug
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