Minimum wage and National Insurance increases ‘to cost 150,000 jobs' [Yahoo! Finance]
Goldman Sachs Group, Inc. (The) (GS)
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Source: Yahoo! Finance
The number of workers in pubs, restaurants and hotels has already fallen by 90,000 since the Tories increased the minimum wage by almost 10pc in April of this year, according to Andrew Wishart, a senior economist at Berenberg Bank. He warned that more job losses would come when the legal minimum wage increases by another 6.7pc in April 2025. It will coincide with a planned rise in National Insurance contributions (NIC) paid by employers on their workers' wages. Mr Wishart said: “The UK is approaching the highest level of minimum wage achievable without triggering significant job losses.” The Berenberg economist said he expected the impact would be three-times as big as the Office for Budget Responsibility predicted. The official forecasters previously suggested the NIC increase would cost the equivalent of 50,000 full time jobs. The rate of employer NICs is rising from 13.8pc to 15pc, and the annual earnings threshold at which it kicks in is being lowered from £9,100 to £5,00
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