NMW rise positive but more must be done to reassure
The National Minimum Wage (NMW) is set to rise to £6.50 per hour tomorrow (Wednesday 1st October), a rise of 3%.
Inspiring Interns is delighted to see the NMW rise in accordance with inflation and rising living costs.
Ben Rosen, CEO of Inspiring Interns, said:
“Whilst we back the news of the NMW increase, it is key that employers are not put-off taking on new staff, particularly in the graduate space. We would like to see a new minimum wage for interns, much like that applicable to apprentices. If the NMW continues to rise employers will limit the opportunities available.”
To minimise the risk associated with hiring a new employee, many companies elect to pay graduates NMW for the internship period before moving them onto higher-paid positions that carry additional responsibilities. Inspiring Interns is a firm believer that placing blanket-restrictions on internships will limit opportunities for university-leavers. Hundreds of SMEs across the country with extremely limited budgets offer graduates invaluable internships that give graduates a firm grounding in their chosen industry with the real possibility of a job at the end of the internship. Coupled with rising wages, employers hiring graduates have every reason to be cautious in the current economic climate.
Visit https://www.gov.uk/national-minimum-wage-rates for more information.