New National Living Wage

The Chancellor, George Osborne, has announced a new National Living Wage in his Emergency Budget today. 
 
Under the new compulsory level of pay hourly wages will increase to £7.20 in April 2016 and £9 per hour by 2020 for workers aged over 25. This represents an initial 60p an hour
improvement on the UK Government's plan to increase the current National Minimum Wage (NMW) to £6.60 per hour later this year in October 2015.
 
This new compulsory National Living Wage is different to the Living Wage which is a rate set independently by the Living Wage Foundation which calculates that rate according to
basic costs of living in the UK.  Living Wage rates are currently £9.15 per hour in London and £7.85 per hour across the rest of the UK.