Sajid Javid Pledges To Raise National Living Wage To £10.50 Within Five Years
Chancellor Sajid Javid has said he will raise the National Living Wage to £10.50 by 2024, in a bid to 'help the next generation of go-getters to get ahead'.
Currently, the National Living Wage rate for over-25s is £8.21.
Announcing the plans at the Tory Party Conference in Manchester, Javid said: "I am setting a new target for the National Living Wage: raising it to match two-thirds of median earnings.
"That means, on current forecasts, this ambitious plan will bring the National Living Wage up to £10.50."
The politician believes the planned increase will give 'four million people a well-earned pay rise'.
Javid said he will also lower the age threshold for those who qualify, from 25 to 21 - a move that he promised would 'reward the hard work of all millennials'.
He added: "The hard work of the British people really is paying off."
.@sajidjavid: I am setting a new target for the National Living Wage. Raising it to match two-thirds of median earnings. That means, on current forecasts, this ambitious plan will bring the National Living Wage up to £10.50. #CPC19
- CCHQ Press Office (@CCHQPress) September 30, 2019
Javid also said the living wage pledge would make the UK 'the first major economy in the world to end low pay altogether'.
National Living Wage came into effect in April 2016, and is an obligatory minimum wage payable to workers in the United Kingdom aged 25 and over. The National Minimum Wage, meanwhile, applies to workers aged 24 and under.
Javid, who has been serving as Chancellor of the Exchequer since July 2019, also laid out plans for an 'infrastructure revolution', which would see investments made into roads, buses and broadband.
Ahead of his speech at the Tory Party Conference today, he said: "Investment in our infrastructure will be key to making the next decade one of renewal - boosting our economy and making life easier for people all across the country."
He continued: "That's why I am announcing new investment in roads, bus services, and broadband today: the first step in our plans to deliver an infrastructure revolution.
"This new multibillion-pound investment to deliver gigabit-capable broadband for all the UK and investment in roads and buses will help people to get around and businesses to grow, ensuring no community is left behind.
"This will make the UK a better place to live and work, extending opportunity and raising living standards for all."
Featured Image Credit: PA