The increase means more than 3 million low-paid workers will see their minimum wage rise to 12.21 an hour in April, a 6.7% boost.
Rachel Reeves emphasized, 'This is a significant step towards delivering on Labour's promise to introduce a genuine living wage for working people.'
Paul Nowak, TUC general secretary, stated, 'This increase will make a real difference to the lowest paid in this country at a time when rents, bills and mortgages are high.'
Despite concerns from business groups about investment impact, statistics have shown that raising minimum wage historically does not lead to increased unemployment.
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