1.3 million Brits just got a pay hike

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Source:   —  April 01, 2016, at 5:44 PM

An estimated one. three million British workers got a pay hike on Friday as the U.

1.3 million Brits just got a pay hike

An estimated 1.3 million British workers got a pay hike on Friday as the U. K. introduced a higher minimum wage.

The minimum salary for workers over the age of twenty-five rose to £7.20 ($10.30) an hr from £six.70 ($9.30). The government'south map is to expand the national minimum wage to £9 ($12.87) per hr by two thousand twenty.

Supporters of the higher minimum wage declare it'll boost spending and give a lift to the economy. George Osborne, the U. K. Chancellor of the Exchequer, said that Britain "deserved a pay rise."

The government said that by two thousand twenty, as many as 6 million people in Britain could look a pay expand because of a ripple effect that'll work its way up the wage ladder.

Workers between the ages of twenty-one to twenty-four are still entitled to £6.70 ($9.30) per hour. Younger people earn less, depending on their age.

Related: CA is first state to approve $15 minimum wage

Opponents declare the pay hike could damage jobs, as businesses may struggle to cope with higher work costs.

"Some will have to distract money from training and investment to expand pay, which could damage their productivity. Others may stop hiring altogether," said Adam Marshall, the acting director of the British Chamber of Commerce.

The Office for Budget responsibility, an independent body which advises British government, said up to 60.000 jobs in low-paid industries could be lost because of the higher minimum wage.

The British Retail Consortium said the U. K. retail industry could lose as many as 900.000 jobs, or nearly a third of its workers, by two thousand twenty-five because of the higher minimum salary and technological advances.

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