Rishi Sunak has announced an increase to the National Living Wage within his autumn Budget.
Young people will, however, have to wait five months until April 2022 for the changes to come into force.
All age brackets for the National Living Wage and National Minimum Wage will see increases that are in line with recommendations made by the independent advisory board, the Low Pay Commission.
Students aged between 18 and 20 will have their base pay rate increased from £6.56 to £6.83, an adjustment of 27 pence per hour worked.
Those aged 21 to 22 will have their base rates increase by 82 pence to £9.18 per hour.
The National Living Wage, received by all aged 23 and over, will rise to £9.50 per hour – an increase of 59 pence.
Students expressed their satisfaction regarding the raise.
Thomas Wilkinson, 21, a Politics student, said: “I think the increase in the Minimum Wage is a step in the right direction after the last year and a half of lockdown and will help many people get back on their feet.
“I think it’s a great incentive to get people my age into work and will go a long way in helping support people in post-COVID times.
“However, I do also see the downside in it as it could cause some age discrimination as employers will choose to hire the more experienced applicants over someone who may not have worked that much.
He continued: “In regards to the Living Wage being increased, I’m not sure if the amount is justified, however, it will be very helpful to those receiving the extra money.
“I like the idea of increased minimum wages to benefit not just my own age bracket but everyone in the country.”
Lydia Corr, 21, a Politics and International Relations student, said: “I think raising the minimum wage is good.
“It’s not as high as the National Living Wage but the Government wouldn’t do that yet.
“It’s been increased enough to keep people happy and the hospitality sector has been hit hard because of COVID.
“To have a small pay increase will make a huge difference.”
Fiona Stock, 20, NTU Costume Design and Making, said: “It’s good! I don’t know where the money is coming from but it’s good for me as I’m 21 in a few months.”
Lead image: UK Parliament / Jessica Taylor