The Chancellor has announced that the National Living wage (NLW) will increase to £10.50 per hour by 2024, provided economic conditions allow.
It is currently £8.21 per hour, and under current minimum wage policies it is forecast to reach £9.45 per hour by 2024.
The Chancellor has also pledged to reduce the age at which the NLW applies from the current 25 to those aged 23 and over from 2021, and to those aged 21 and over within five years.
The National Minimum Wage for workers aged 21 to 24 is currently set at £7.70.
More details will follow in the Budget, the date for which has yet to be announced, though there may be a general election before that.
The Labour Party has pledged to raise the minimum wage to £10 per hour for all over 16s after the next election, should it form the next government.
The impact on employers has yet to be analysed, and some sectors may be more affected than others, particularly in labour-intensive industries such as the care sector, retail and hospitality.
Speaking at the Conservative Party conference on 30 September, the Chancellor also announced that among policies under consideration were a temporary corporation tax holiday, and reductions in National Insurance Contributions. He is also considering scrapping Inheritance Tax.