Autus Newsletter » Autumn Budget 2024
Welfare and labour markets
National living wage (NLW) and national minimum wage (NMW)
Significant increases to the NLW and NMW were announced on 29 October.
Universal credit (UC)
Employment and support allowance claimants are being moved to UC from September 2024 instead of 2028. A new fair repayment rate will cap debt repayments made through UC at 15% of the standard allowance rather than the current 25%. The UC surplus earnings threshold will remain at £2,500 in Great Britain until March 2026.Benefit upratings
The state pension ‘triple lock’ will be retained for the duration of this Parliament. The basic and new state pensions will increase by 4.1% from April 2025, in line with earnings growth (including bonuses) to July. The pension credit standard minimum guarantee will also increase by 4.1% from April 2025. From the same date, working age benefits will be increased by 1.7%.@ Copyright 30 October 2024. All rights reserved. This summary has been prepared very rapidly and is for general information only. The proposals are in any event subject to amendment before the Finance Act. You are recommended to seek competent professional advice before taking any action on the basis of the contents of this publication.