Economic News in the United Kingdom

13 January 2020 The national minimum wages of the United Kingdom are likely to increase from April 2020. The Department for Business, Energy and Industrial Strategy (BEIS) approved and acknowledged the suggestions of the Low Pay Commission. The final step is to for  parliament to accept the new recommendation of the Low Pay Commission of the country.

The new changes will be that the National Living wages of workers beyond the age of 25 will be increased from  £8,21 to £8,72 per hour. The National Minimum wages for those who fall under the age group of 21-24 will be increased from £7,70 to £8,20 per hour. A similar increase is reflected in the minimum wages of younger workers. Minimum wages

6 January 2020 - The top heads of UK companies are being questioned over the wage disparity between top executives and the average worker. The average chief executive was paid a wage 117 times higher than the pay of the average worker. The statistics reveal that the top executives make more than the entire annual wages of a typical full-time employee in a single day. According to the Chartered Institute of Personnel and Development and the think-tank High Pay Centre, on average, a chief executive of a FTSE 100 company had an annual salary of £3.46 million ($4.6m), equivalent to £901.30 ($1,185) an hour. On the other hand, the average employee takes home an annual salary of £29,559 ($38,850), equivalent to £14.37 ($18.89) an hour. Take our unique Salary Check and compare wages 

17 December 2019 - Wage growth in the United Kingdom has slowed down to 3.2% in the three months leading to October-end, down from 3.6% in July. According to the Office for National Statistics (ONS), the figure is the lowest recorded since 2018. Despite the uncertainty over Brexit, hiring has continued its pace and unemployment levels have remained low. The unemployment rate, 3.8%, is the lowest figure since the 1970s. The total labour force registered an increase of 24,000 and reached a record-breaking 32.8 million workers. The rise came as a surprise to experts who were expecting job losses along a margin of 10,000. Jobs in perspective

14 December 2019 - The park attendants of the seven royal parks in central London, United Kingdom, will now be paid living wages. These attendants had gone on a coordinated week-long strike in October. Recently, after the workers threatened to escalate industrial action, the board of the Royal Parks agreed to increase the workers’ wages rise from 8.21 pounds per hour to 10.75 pounds. The board of Royal Parks decided to increase the salaries of these 50 workers of the parks’ after the union, United Voices of the World (UVW), threatened to increase industrial actions on Thursday (12 December). The workers would be given the London Living Wage (LLW), with backpay from November 1, 2019. Compensation