May 11, 2017

National minimum wage increases could cost jobs, IFS warns

Labour and Conservative plans to increase the National Minimum Wage could cost jobs, according to the Institute for Fiscal Studies. A Labour spokesperson said: "Labour's £10/hour minimum wage is in line with reputable forecasts of the wage needed to maintain a decent standard of living by 2020 and put an end to poverty pay." There may be a case for gradual increases in the minimum wage, it argued, "But increases on the scale, and at the speed being proposed, create big risks". Although the Conservative manifesto has not yet been published, the party's existing plan is to increase the National Living Wage - for those over 25 - from £7.50 to as much as £9 an hour by 2020. The IFS calculates that both Labour and Conservatives are planning for a "Dramatic" increase in the number of workers affected by the minimum wage.

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