Friday, October 16, 2009

Minimum Wage Rates in UK

The latest National Minimum Wage Rates from 1 October 2009 are:

  • Workers Aged 16-17 – £3.57
  • Workers Aged 18-21 – £4.83
  • Workers Aged 22 and over – £5.80
On one of my posts, there have been many comments debating weather it is fair to pay young workers less than adults. see: National Minimum Wage Rates for Young Workers
Unfortunately, the recession and rising unemployment (forecast to over 3 million) means the minimum wage will come under closer scrutiny as firms struggle to meet wage bills.

A reader asks whether a recession could be solved by cutting the wage of premiership footballers. Rather like banker bonuses, footballers may not deserve such high wage, but, generally such inequality is not the cause of recessions.

Another readers asks - Where will economic growth come from for next year? - Many of the traditional sources of economic growth have been hit. House prices have fallen and in a period of uncertainty, consumers are becoming more attracted to saving than spending. It will be difficult to boost consumer spending.

At least someone is making profits in this recession - Google exceeds expectations and posts $1.6billion profit - saying worst of recession is over. But, the recession has been bad news for Champagne growers

1 comment:

CVRepublic said...

How have they evolved through the past year?