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Minimum wage set to rise

Economic news

Economic news

The minimum wage in the Isle of Man is set to rise.

Tynwald will be asked to increase it in the July sitting.

The full rates would be:

Aged 21 and over (except certain trainees): from £6.40 an hour to £6.65.

Eighteen to 20 (except certain trainees): unchanged from £6.40

Trainees 18 and over: unchanged at £5.24

Seventeen: unchanged at £5.24

The changes have been 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 per cent, for those aged 21 and over. Subject to Tynwald approval, the new rates will come in to effect from October 1.

Minister for Economic Development Laurence Skelly MHK said: ‘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.

‘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 UK’s minimum wage for people over 21 is £6.31 an hour.

Click here to see its rates

 

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