Minimum wage increase

The United Kingdom will increase the National Living Wage on 6 April 2019, from GBP 7.83 per hour to GBP 8.21 per hour for employees age 25 and older. The 4.9 percent increase was announced in the Autumn Budget 2018. The minimum wage will also increase for those age 21 to 24 from GBP 7.38 to GBP 7.70 per hour, for those age 18 to 20 from GBP 5.90 to GBP 6.15 per hour, and for those age 16 to 17 from GBP 4.20 to GBP 4.35 per hour.

Lifetime allowance

The Autumn Budget 2018 increases the lifetime allowance in line with the consumer price index, lifting the maximum pension accumulation from GBP 1,030,000 to GBP 1,055,000 on 6 April 2019. The maximum annual savings contribution to an Individual Savings Account remains GBP 20,000 in 2019.