Business
Minimum Wage to Rise
The increase will come in on April 1.
Proposed new rates should see an increase to the headline minimum wage rate from £9.50 to £10.75 per hour.
Subject to Tynwald approval, the proposed new rates will come into effect from April 1.
The rates for those aged 16-17 will be increased from £6.80 to £8.05, with the Development Worker rate being abolished.
The DfE and Treasury have proposed the changes following consideration of the report and recommendations of the Minimum Wage Committee, and in line with the direction from Tynwald in July 2021 that the island’s minimum wage should transition to the level of the Isle of Man Living Wage by 2026, with Alf’s Island Plan committing to ensure this happens sooner, by April 2025.
The Living Wage for 2022 was set at £11.05 an hour.
