Tynwald approval sought for Minimum Wage changes

| July 4, 2014 | 0 Comments

Tynwald approval is being sought at its July sitting for changes recommended by the Minimum Wage Committee to introduce a new age bracket applicable to 18 to 20 year olds and to increase the Isle of Man’s Minimum Wage by 25p per hour, an increase of 3.9%, for those aged 21 and over. Subject to Tynwald approval, the new rates will come in to effect from 1st October 2014.

Minister for Economic Development Laurence Skelly MHK commented:

‘The Minimum Wage is an important incentive to encourage people into work as well as representing an important part of Government’s aim to protect the vulnerable and make work pay.

‘There is always a fine balance between meeting the demands of employers and employees but I believe the Committee’s recommendation has achieved this, so I am bringing forward regulations to give effect to the Committee’s recommendation to Tynwald next week.

‘The introduction of the new age bracket for 18 to 20 year olds will reduce the risk of young workers being priced out of the labour market and better recognises the greater experience and skills that those aged 21 and over tend to have over their younger counterparts.

The full list of rates can be found below:

Minimum Wage Hourly Rates

Ages

Current

Proposed

21 and over (except certain trainees)

£6.40

£6.65

18 to 20 (except certain trainees)

£6.40

£6.40

Trainees 18 and over

£5.24

£5.24

17

£5.24

£5.24

16

£4.67

£4.67

Tags:

Category: Employment, Finance & Business

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