The amount of cash displayed on workers’ bank balances is set to increase this year when new wage rules come into force.

The National Living Wage, Minimum Wage and more will change when new rules - announced by Chancellor Philip Hammond announced in 2017 - come into effect.

The hourly rate paid to over-25-year-old workers - currently at £7.50 - will go up to £7.83 from April 1 and the 4.7 percent increase could see some people as much as £600 better off.


That's equivalent to £50 a month - or 33p extra an hour, reports Mirror Online.

The minimum wage is also set to rise - with pay for apprentices going up by 20p an hour, and there will also be an increase to the Personal Allowance, the amount you can earn a year tax-free, from £11,500 to £11,850.

The rise means you'll be able to earn up to £350 more a year without having to pay income tax - anyone above the threshold will save an estimated £70 a year.

What is the National Living Wage?




What is the 'Minimum Wage'?

The minimum wage is also set to rise


The rate is a legal requirement and failing to meet it could result in the employer being fined and even featured in an annual list of shame.

On April 1, hourly rates for workers below the age of 25, are also going up. This, according to the Low Pay Commission (the body that sets the rates), will be the largest increase in a decade for 18-20 and 21-24-year-olds, with a rise of 4.7 percent and 5.4 percent respectively.

The new rates, it claims, will boost the earnings of between 260,000 and 360,000 young workers directly because a) increases lead to ‘spillover’ effects further up the pay distribution and b) some young workers may also benefit from increases in the National Living Wage.

New minimum wage rates for 2018

To qualify for the minimum wage, you must be 16 years or older

Bosses are currently legally required to pay workers the following rates:

Aged 21-24? Your current rate is £7.50, however this will rise to £7.83 on 1 April 2018.




There are a few rules to these rates:



What's the difference between the 'National Living Wage' and 'Living Wage'





Always read your pay slip



If you work in a restaurant, your boss should not pay you out of your tips.

I think I'm being unfairly paid - what should I do?




If this doesn't work, you are within your rights to file a formal grievance to your employer. Alternatively, Acas says a worker can make a complaint to HMRC who will investigate it for you.




Alternatively, try approaching the Citizens Advice Bureau [CAB]. Their advisers can assist you with a range of money and legal matters for free.