The increase though is lower than the current inflation rate (CPI) which in January 2012 was running at 3.6%.
The rise is much more in line with the average increase in earnings, which rose by 1.4% over the year to January, as highlighted by the latest official statistics .
In summary the new rates that come into effect from 1 October 2012 will be as follows:
- The rate for 18 to 20-year-olds will remain at £4.98 an hour
- The rate for 16 and 17-year-olds will remain at £3.68 an hour
- The rate for apprentices will rise by 5p to £2.65 an hour