The national living wage and the minimum wage will rise from April 2019.

More than 2 million workers aged 25 and over will see a jump from £7.83/hour to £8.21/hour.

It means some the nation's lowest paid, full-time workers will get an annual increase of around £690.

Those aged between 16-24 will also see a wage rise, although the increases have been categorised into three age brackets.

The news of the wage rises was announced by Chancellor Philip Hammond in his Budget yesterday.

Here is everything you need to know about the increases, and how it will affect you.

What is the National Living Wage and what does the increase mean for me?

The National Living Wage was introduced in 2015 by the then-Chancellor George Osborne.

By definition, it is the lowest wage which can be legally paid to workers aged 25 and upwards. It changes every April.

The Chancellor said that a single parent working 25 hours per week on the national living wage could get an additional £890 per year, after benefits have also been taken into account.

The Low Pay Commission (LPC) - a body which advises the government on wage rates - says that the increase will benefit around 2.4 million workers.

Bryan Sanderson, chairman of the LPC, said: "The increase in the national living wage to £8.21 in April 2019 will ensure a pay rise for the lowest-paid workers that exceeds both inflation and average earnings.

"Over the past year, the labour market has continued to perform well and the economy, while subdued, has met the criteria of 'sustained growth' set out in our remit for the national living wage.

"We therefore recommended an increase in line with a path to 60% of median earnings by 2020. On current forecasts, we estimate that the national living wage will reach this target at a rate of £8.62 in 2020."

How does the national living wage differ from the minimum wage and what does the increase mean for me?

The minimum wage applies to workers aged 16-24.

It doesn’t matter how small an employer is, they still have to pay the correct minimum wage.

The National Living Wage is higher than the national minimum wage.

The minimum wage will go up in April 2019 from £7.38 to £7.70 for 21-24 year olds , from £5.90 to £6.15 for 18-20 year olds and from £4.20 to £4.35 for 16-17 year olds.

What are the current wage rates?

These rates are for the national living wage and the national minimum wage for 2018.

Year 25 and over (national living wage) 21 to 24 (minimum wage) 18 to 20 (minimum wage) Under 18 (minimum wage)

Apprentice (aged 19 minimum wage if aged 19 or over and have completed the first year of apprenticeship)

April 2018 £7.83 £7.38 £5.90 £4.20 £3.70