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United Kingdom Minimum Wages

Price

10.42 GBP/Hour
Change +/-
+0.92 GBP/Hour
Percentage Change
+9.24 %

The current value of the Minimum Wages in United Kingdom is 10.42 GBP/Hour. The Minimum Wages in United Kingdom increased to 10.42 GBP/Hour on 1/1/2023, after it was 9.5 GBP/Hour on 1/1/2022. From 1/1/2005 to 1/1/2024, the average GDP in United Kingdom was 7.24 GBP/Hour. The all-time high was reached on 1/1/2024 with 11.44 GBP/Hour, while the lowest value was recorded on 1/1/2005 with 5.05 GBP/Hour.

Source: Department for Work and Pensions, UK

Minimum Wages

  • 3 years

  • 5 years

  • 10 years

  • 25 Years

  • Max

Minimum Wages

Minimum Wages History

DateValue
1/1/202310.42 GBP/Hour
1/1/20229.5 GBP/Hour
1/1/20218.91 GBP/Hour
1/1/20208.72 GBP/Hour
1/1/20198.21 GBP/Hour
1/1/20187.83 GBP/Hour
1/1/20177.5 GBP/Hour
1/1/20167.2 GBP/Hour
1/1/20156.7 GBP/Hour
1/1/20146.5 GBP/Hour
1
2

Similar Macro Indicators to Minimum Wages

NameCurrentPreviousFrequency
🇬🇧
Average earnings excluding bonus
5.1 %5.4 %Monthly
🇬🇧
Average Weekly Hours
32.1 Hours31.9 HoursMonthly
🇬🇧
Change in Jobless Claims
23,700 102,300 Monthly
🇬🇧
Employed persons
33.232 M 33.094 M Monthly
🇬🇧
Employment Change
220,000 373,000 Monthly
🇬🇧
Employment rate
74.8 %75 %Monthly
🇬🇧
Full-time employment
24.905 M 24.901 M Monthly
🇬🇧
Inactivity Rate
21.8 %21.8 %Monthly
🇬🇧
Job Opportunities
831,000 840,000 Monthly
🇬🇧
Labor costs
122.3 points121 pointsQuarter
🇬🇧
Labor force participation rate
78.1 %77.8 %Monthly
🇬🇧
Non-farm Payrolls
-58,569 -6,195 Monthly
🇬🇧
Part-time work
8.291 M 8.208 M Monthly
🇬🇧
Population
67.6 M 66.98 M Annually
🇬🇧
Productivity
101.8 points102 pointsQuarter
🇬🇧
Real Earnings Excluding Bonuses
1.9 %2.3 %Monthly
🇬🇧
Real Earnings Including Bonuses
0.8 %0.3 %Monthly
🇬🇧
Retirement Age Men
66 Years66 YearsAnnually
🇬🇧
Retirement Age Women
66 Years66 YearsAnnually
🇬🇧
Unemployed Persons
1.629 M 1.578 M Monthly
🇬🇧
Unemployment Rate
4.4 %4.3 %Monthly
🇬🇧
Wage Growth
4.3 %3.9 %Monthly
🇬🇧
Wages
696 GBP/Week693 GBP/WeekMonthly
🇬🇧
Wages in Manufacturing
764 GBP/Week759 GBP/WeekMonthly
🇬🇧
Youth Unemployment Rate
13.7 %12.8 %Monthly

What is Minimum Wages?

At Eulerpool, we pride ourselves on being a premier platform for the display and analysis of macroeconomic data. Our mission is to provide authoritative insights into various economic dimensions, one of which is the critical topic of minimum wages. As a subset of labor economics and social policy, the discourse surrounding minimum wages holds immense significance in shaping the economic landscape of countries around the globe. In this comprehensive exploration, we delve into the multifaceted aspects of minimum wages—examining their history, economic implications, policy considerations, and broader societal impacts. The concept of minimum wages was born out of a fundamental need to protect workers from exploitation, securing a basic standard of living. The first instance of a national minimum wage dates back to New Zealand in 1894, which paved the way for other countries to adopt similar legislation. Today, minimum wage laws are prevalent across the world, although their frameworks and levels vary widely. In essence, a minimum wage sets the lowest legal remuneration that employers must pay their employees, serving as a floor to wage negotiations. The arguments in favor of minimum wages are robust and multifarious. Proponents argue that minimum wage laws ensure a living wage for workers, thereby reducing poverty and income inequality. By securing a baseline income, minimum wages contribute to improved standards of living and reduce dependence on social welfare. Furthermore, higher minimum wages can increase the disposable income of workers, bolstering consumer spending and stimulating economic growth. This, in turn, can lead to job creation as businesses expand to meet the increased demand. Economic theories, however, present a more nuanced picture. The classical economic perspective suggests that any interference in the free market, including the imposition of minimum wages, can lead to inefficiencies. Critics argue that minimum wages can result in higher unemployment, particularly among low-skilled or entry-level workers, as businesses may reduce hiring to offset increased labor costs. Employers might also seek greater automation or outsourcing options to mitigate wage expenses. This contention is backed by the labor demand curve, which predicts a negative correlation between wages and employment—a principle often used to caution against aggressive minimum wage hikes. Empirical research into the effects of minimum wages offers mixed results, prompting an ongoing debate. Some studies indicate that modest increases in minimum wages do not significantly impact employment levels, while others suggest the opposite. For instance, the widely cited Card and Krueger study on the fast-food industry in New Jersey found no evidence that a rise in the minimum wage reduced employment. Conversely, research by Neumark and Wascher indicates that higher minimum wages might lead to job losses for low-skilled workers. These divergent findings underscore the complexity of the issue and suggest that the impact of minimum wages can be contingent on various factors, including economic conditions, industry characteristics, and regional disparities. Policy considerations play a pivotal role in the implementation and effectiveness of minimum wage laws. Policymakers must navigate a delicate balance, ensuring that minimum wages are high enough to protect workers without imposing undue burdens on employers. The setting of minimum wage levels often involves consultation with a range of stakeholders, including labor unions, business representatives, and economic experts. Additionally, many countries employ mechanisms such as regular reviews and adjustments to minimum wage rates, aligning them with inflation and changes in the cost of living. One innovative approach is the adoption of differentiated minimum wage systems, which vary wage floors based on factors like age, industry, or geographical region. For instance, the United Kingdom implements a tiered minimum wage structure, with different rates for apprentices, young workers, and those over the age of 25. Such differentiation aims to account for varying economic circumstances and labor market dynamics, providing a more tailored approach to wage regulation. Beyond the immediate economic effects, minimum wages hold broader societal implications. By ensuring fair wages, these laws contribute to social cohesion and reduce economic disparities, fostering a more equitable society. They also play a role in promoting gender equality, as women are often overrepresented in low-wage sectors. By raising the wage floor, minimum wages can help close the gender pay gap and empower women economically. Moreover, minimum wages intersect with other economic policies and social initiatives. For instance, they complement welfare programs by reducing the need for social assistance among low-income workers. In countries with robust social safety nets, minimum wages work in tandem with measures such as earned income tax credits and housing subsidies, providing a comprehensive support system that lifts families out of poverty. The global perspective on minimum wages reveals a diverse array of practices and challenges. Developing countries, for instance, face distinct issues in implementing and enforcing minimum wage laws. Informal economies, prevalent in many developing nations, complicate the application of wage regulations. Moreover, the setting of minimum wages must consider the potential impact on economic competitiveness, particularly in countries reliant on low-cost labor for export-driven growth. In contrast, advanced economies grapple with the challenge of setting minimum wages that keep pace with rising living costs while ensuring economic stability. The debate over minimum wages is particularly pronounced in countries like the United States, where proposals for significant increases—such as the movement for a $15 federal minimum wage—spark intense political and economic discussion. European countries, many of which already have relatively high wage floors, continue to fine-tune their policies, balancing worker protection with economic realities. In conclusion, the discourse on minimum wages is a complex and evolving one, reflecting the interplay of economic theories, empirical research, and social considerations. At Eulerpool, our commitment is to provide comprehensive and accurate macroeconomic data, elucidating the various dimensions of minimum wages and their implications. As economies continue to navigate the challenges of globalization, technological change, and social transformation, the role of minimum wages remains pivotal in shaping a fair and thriving economic landscape. By fostering informed discussion and evidence-based policymaking, we contribute to a deeper understanding of this crucial economic instrument, supporting the pursuit of equitable and sustainable development.