National Living Wage increase: Millions set for £1,800 pay rise

In November, Chancellor Jeremy Hunt announced that the National Living Wage would rise by more than £1 an hour from April 1.

The National Living Wage will rise from £10.42 to £11.44 next month, a rise that Mr Hunt said would be worth more than £1,800 a year.

Eligibility for the National Living Wage will also be extended by reducing the age threshold to 21-year-olds for the first time.

The Department for Business and Trade estimates 2.7 million workers will directly benefit from the 2024 National Living Wage increase.

Speaking in November, Mr Hunt said: “Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise.

“The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays.”

Pensioners set for £900 increase

Pensioners will see their state pension increase by up to £900 next month, as an announcement made at last year’s autumn statement comes into effect.

Chancellor Jeremy Hunt confirmed that the triple lock on pensions would be honoured, with state pensions set to rise from April 1.

Under the triple lock – which guarantees an increase in line with average earnings, inflation or 2.5%, whichever is highest - pensions will increase by 8.5 per cent next month.

He told MPs: "The triple lock has helped lift 250,000 older people out of poverty since its inception in 2011.

"It has been a lifeline for many during times of inflation.

"We honour our commitment to the triple lock in full. We will increase the new state pension by 8.5 per cent, worth up to £900 more a year."