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National living wage to rise by 6.2% in April

The national living wage is to rise by 6.2% in what the government says is "the biggest cash increase ever".
The rise is more than four times the rate of inflation and takes hourly pay for people over 25 to £8.72 from April.
Prime Minister Boris Johnson said: "For too long, people haven't seen the pay rises they deserve."
But businesses warned that a sharp increase in wages would put pressure on companies and urged the government to reduce costs elsewhere for firms.
Hannah Essex, co-executive director of the British Chambers of Commerce, said that many companies "have struggled with increased costs in a time of great economic uncertainty".
"Raising wage floors so far above the rate of inflation will pile further pressure on cash flow and eat into training and investment budgets," she said.
"For this policy to be sustainable, government must offset these costs by reducing others."
From April 2020, the new rates are:
The National Living Wage for ages 25 and above - up 6.2% to £8.72
The National Minimum Wage for 21 to 24-year-olds - up 6.5% to £8.20
For 18 to 20-year-olds - up 4.9% to £6.45
For under-18s - up 4.6% to £4.55
For apprentices - up 6.4% to £4.15
An independent report published this year said there has been little or no evidence of job losses as a result of rising minimum wage levels, which are currently set at £8.21 for people aged 25 and over and £7.70 for 21 to 24-year-olds.
Professor Arindrajit Dube, an academic in the US and an expert on the subject, said there was "room for exploring a more ambitious national living wage" in the UK in the coming years.
He stressed, however, that because there is relatively little evidence available, the independent Low Pay Commission should be able to review the effect on jobs as pay increased.
Labour has called for a £10-an-hour minimum wage and said the government had not gone far enough to help those on the lowest pay.
"This announcement falls short on what is needed to help workers and comes against a backdrop of an economy created by Conservative governments over the past decade that has left millions of people trapped in low paid, insecure work and underpayment of the minimum wage on the rise," said shadow work and pensions secretary Margaret Greenwood.
Frances O'Grady, general secretary of the Trades Union Congress, said workers needed a national living wage of more than £10 "now, not in four years' time".
"This is a long-planned raise, but it's also long overdue. Workers are still not getting a fair share of the wealth they create. And in-work poverty is soaring as millions of families struggle to make ends meet," she said.
The Resolution Foundation, a think tank which focuses on the living standards of low and middle-income people, welcomed the plan but its economic analyst, Nye Cominetti, said it was "not risk-free" in terms of inflation.
He said: "It should be matched by a renewed commitment to swiftly evaluating evidence of the impact of such large and sustained minimum wage rises and acting on that evidence if problems emerge."
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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