A minimum hourly rate of pay set by government, which applies to all workers. The rates set are based on the recommendations of the independent Low Pay Commission. There are three rates; an adult rate for workers aged 22 and over, a development rate for workers aged 18-21 inclusive, and since October 2004 a rate for 16 and 17 year olds, all of which are subject to current statutory limits.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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