While the move was welcomed by many, some market sectors - in particular the retail industry - said that the move would hamper jobs growth as firms came under increasing financial pressure.
However, according to the National Institute of Economic and Social Research (NIESR), increasing the National Minimum Wage in October will actually boost employment among young adults - not reduce it.
In its latest discussion paper, entitled The UK Minimum Wage at Age 22: A Regression Discontinuity Approach, NIESR states that employment amongst low-skilled workers is likely to rise by between two and four per cent.
The report's authors, Richard Dickens, Rebecca Riley and David Wilkinson, concluded that in short a higher minimum wage will not harm people's employment prospects.
NIESR's report follows hot on the heels of research published by KPMG, which shows that wage inflation remains subdued despite the rising cost of living and ongoing economic uncertainty.
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Posted by John Oak
Source: Salespeak News