Tynwald will be asked to approve the new minimum wage rate at its October sitting, with implementation planned for April 2026.
The proposed Single Hourly Rate will increase to £13.46 wile the Youth Rate would also increase to £10.76.
The proposals align with a recommendation that minimum wage rates are brought to Tynwald in October and implemented in April.
Tim Johnston, Minister for Enterprise, said: “I am pleased that these proposals are based on a revised methodology – approved by Tynwald in July – which provides a more structured approach to setting the Minimum Wage.
“The extended lead in between Tynwald approval of the proposed rate and implementation in April 2026, also offers businesses and workers a deserved level of certainty.”
Treasury Minister Dr Alex Allinson added: “I believe the new rate strikes the right balance between meeting the needs of our community by prioritising fair wages for those on low pay, whilst also supporting the financial stability of businesses.”
A review into the policy’s impact will be published by the end of December 2026.
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