Conservatives pledge to increase NMW to £10.50 within five years

The chancellor, Sajid Javid, has said that his party will increase the national minimum wage to £10.50 by 2024. The proposed rate will apply to all workers aged 21 and over and will be labelled a 'National Living Wage' (which currently only applies to those workers aged 25 and over).

In September Labour pledged to raise the National Living Wage to £10 an hour in 2020 and to include all workers under 18 

Currently the NMW rates are as follows: 

• £8.21 - workers aged 25 and over
• £7.70 - workers aged 21-24 years old
• £6.15 - workers aged 18-20 years old
• £4.35 - workers under the age of 18
• £3.90 - apprentices

The organisation campaigning for a real Living Wage says that rates are still lower than workers need to meet the real costs of living. Currently over 5,000 UK employers paid a real Living Wage - currently £9.00 in all areas other than London which is £10.55.