Minimum Wage
(asked on 30th July 2024) - View Source
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to the Written Statement of 30 July 2024 on Low Pay Commission Remit, HCWS43, what assessment he has made of the potential merits of increasing the National Living Wage in line with the forecast rate of CPI inflation.
Answered by
Justin Madders
Parliamentary Under Secretary of State (Department for Business and Trade)
The Government has issued a new remit to the Low Pay Commission (LPC) to recommend a National Living Wage (NLW) which takes into account the impact on business, competitiveness, the labour market, the wider economy and for the first time this year, the cost of living, including the expected annual trends in inflation.
When recommending rates, the LPC carries out extensive research and consultation, drawing on economic, labour market and pay analysis, independent research, and stakeholder evidence to inform its recommendations.
When setting new rates, the Government publishes an Impact Assessment (IA) for that year’s increases this sets out the evidence base that informs the Government’s decision on the rate.