The minimum wage is set to rise by 20p an hour.
Under proposals announced this afternoon, the Department of Economic Development has announced that it is bringing forward a proposal for Tynwald approval, which will increase the main rate of the minimum wage to £6.40 per hour, with effect from October 1.
It represents a 3.2 per cent rise. The island’s official rate of inflation (Retail Price Index) was 2.4 per cent.
The other rates covered by minimum wage proposal are to remain unchanged.
If Tynwald approval is granted later this month then the full list of rates will become as follows:
• Workers aged 18 or over (except for development workers) - £6.40 per hour
• Workers over compulsory school age but under 17 - £4.67
• Workers aged 17 - £5.24
• The accredited training rate for workers aged 18 and over - £5.24
• The accommodation offset - £38.50 per week with the rates for calculating the offset being:
The accommodation offset - £38.50 per week with the rates for calculating the offset being:
Hourly rate 96.25p
Daily rate £5.50 (based on seven days)
{http://www.iomtoday.co.im/news/business/big-drop-in-inflation-1-5724519|Click here to read about the island’s inflation rate}
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