Professional services firms are anticipating challenges with minimum wage bump

With Rachel Reeves poised to raise the minimum wage in her Autumn Budget, mid-tier professional services firms are bracing for significant impacts across the sector.

As reported last week , the Budget will likely see employers forced to raise workers’ wages from £12.21 to at least £12.70 an hour.

However, for businesses, especially those in the mid-tier professional services sector, which are already struggling with hiring and retaining talent, this additional burden is expected to cause headaches.

The reported rise in the minimum wage will result in an average salary for a minimum wage worker on a 40-hour week increasing to £26,416, thereby closing the gap with starting salaries at mid-tier firms.

Rakesh

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