Budget 2015: National Living Wage introduced
Many workers in the UK are set for a pay rise after George Osborne announced plans for a National Living Wage in his summer Budget speech.
Replacing the minimum wage, it means workers aged over 25 must be paid at least £7.20 an hour as of next year, rising to £9 an hour in 2020.
While further details have yet to be released, it appears the government has opted against introducing a separate, higher Living Wage for those living in London (supporters have long argued that the capital requires a more generous level due to higher costs).
Forcing firms to pay a higher rate will obviously put pressure on employer budgets, especially small firms. As a result, the chancellor says he will cut their national insurance contributions.
Higher personal allowance
In other news relevant to workers, the tax-free Personal Allowance will rise from £10,600 in 2015-16 to £11,000 next April.
According to the Treasury, increases to the Personal Allowance since 2010 mean that a typical taxpayer will be £905 a year better off in 2016-17.
More to follow
You can find the key points of the Budget here.