The national living wage for over-25s increased from £8.21 to £8.72 an hour, with effect from 1 April 2020.

That represents a 6.2% rise on 2019/20 and will result in an over-25 national living wage full-time worker earning an extra £930 in 2020/21.

Workers aged between 21 and 24 see their minimum hourly rate increase to £8.20, while the rate for 18 to 20-year-olds rises to £6.45 an hour.

Under-18s and apprentices have had their respective national living wage rates hit £4.55 and £4.15 an hour.

During Spring Budget 2020, Chancellor Rishi Sunak described the 2020/21 rates as "the biggest cash increase ever for around two million workers".

Prior to the coronavirus outbreak, the Government was on track to raise the national living wage for over-25s to £10.50 an hour by 2024.

However, that formal target seems increasingly unattainable given the economic implications of COVID-19.

Since the Spring Budget, the UK has spent more than 15% of GDP on emergency measures to tackle the coronavirus.

Talk to us about managing costs.

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