The Tories are raising the National Living Wage for everyone over 21

But only in 2024

Sajid Javid has just announced that the National Living Wage will be increased to £10.50 for everyone over the age of 21.

The current Chancellor of the Exchequer announced the raise during his speech at the Conservative Party conference in Manchester today.

It's set to be put in place by 2024, which is only a cheeky five years wait to be paid £3 more.

The current National Living Wage rates are £8.21 for those 25 and over, £7.70 for anyone aged 21 to 24 and £6.15 if you're aged 18 to 21.

However, this is a big step for younger workers and recent graduates as the highest National Living Wage is usually only paid to workers above the age of 25. Now all workers over the age of 21 will benefit from the highest rate as well.

Labour has also promised a raise to £10, though this is promised to be achieved by 2020 should the party get into power.

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