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The National Living and Minimum Wage 2018 update

The subtle differences between the national living wage and the minimum wage can be hard to spot, especially when the base rates are often changing.

So we thought worthwhile to break down the differences between the two given the national living and minimum wage increased in April 2017 and this is forecasted to do so again in 2018, which is great news.

Unless you’re already familiar with their nuances, the national living wage is a base rate of £7.50/hr for workers aged 25+ while the minimum wage is commonly set at a base rate of £7.05/hr. However the minimum wage is categorised and has set rates of hourly pay depending on your age. So if you are 18 yrs of age, you could get paid £5.60/hr while someone who is 21 could get paid £7.05/hr. This is quite a substantial difference when you’re working a full week for example.

At Coople we prefer to pay the national living wage rather than the minimum wage as well as provide holiday pay on top as we believe you shouldn’t lose out on the benefits of full time employment for the sake of flexibility. This means 18 year olds earn a minimum of £8.41/hr*; which could be £2.81/hr extra with Coople than with another employer.

National living and minimum wage 2017

18-20yrs

21-24yrs

25+yrs

£5.60/hr

£7.05/hr

£7.50/hr

Coople minimum wage

£8.41/hr*

With a forecasted increase of 4.4% in the national living wage and a 4.7% increase in the national minimum wage in 2018, the nation will receive a pay rise which outstrips the consumer price index inflation of 3% experienced in October 2017. The forecasted increases to the national living and minimum wages are expected to be implemented by the government in April 2018, meaning Coopler’s could expect to be earning a minimum of £8.78/hr* including holiday pay, now that is something to look forward to in the new year!

Forecasted National living and minimum wage 2018

National minimum wage

National living wage

£7.38/hr

£7.83/hr

Coople minimum wage

£8.78/hr*

*Coopler minimum wage is not paid hourly, it is a representation of (2017) £7.50/hr plus claimable holiday pay of £0.91/hr = £8.41 – (2018) £7.83/hr plus claimable holiday pay of £0.95/hr = £8.78.

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