Note that it's only a 'target' (tho that's not to undermine Low Pay Commission) and reduces age threshold for highest rate to over-21s not just over-25s.
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Note too that Labour's offer is much bolder - £10 an hour by 2020 for all workers ie over-18s. But shows Conservatives keen to fight for youth vote among the low-paid.
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Wonder what the IEA and TaxPayers Alliance will think of it? They recently said Labour's plans would cost jobshttps://www.express.co.uk/news/politics/1183556/labour-party-general-election-policy-jeremy-corbyn-prime-minister-minimum-wage …
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Javid aides say 4m workers will benefit by £4k a year by 2024. But curiously wont tell us if that equates to £16bn hit on UK business.
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Feels very back-of-fag-packet. No detailed figures/range immediately available on overall cost
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Important: min wage high rate threshold will be reduced from over25s to over23s by 2021. Then further reduction to cover over21s by 2024. So those 'millennials' who are over 21 will have to wait two years before change kicks in.
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In other words....
@sajidjavid doesn't know what 'Millennial' is. The youngest millennials turn/turned 23 this year. So by 2021 - they will be, er, 25 (the age currently getting higher min wage) and unaffected by age change.Show this thread -
Still, needless 'millennials' spin aside,
@resfoundation says 175,000 ppl between the ages of 21 and 24 paid below the Nat Living Wage, so potentially "today’s plans will deliver a major pay boost to many younger workers".Show this thread -
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@johnmcdonnellMP: "This pathetic attempt at catch-up by the Conservatives will fool nobody.”@FrancesOGrady: "This pledge would be overwhelmed by a no-deal Brexit." @BCCAdam govt must "alleviate the heavy cost-burden facing firms, or risk denting productivity + competitiveness"Show this thread
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Barrel scraping BS.
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