Wages/Benefits in UK

Currency in the United Kingdom is still the pound. A pound translates to approximately $1.50 US currency. The national minimum wage in the United Kingdom as of October 2002 is 4.10 pounds. For citizens under the age of 21, the minimum wage is 3.60 pounds. These figures are actually a substantial increase from previous figures and have helped narrow the wage gap between women and men, young and old, overall making economic distribution more level.
Britain relies for retirement income provision on a basic national security system and a second tier national system from which individual employees can contract out and set up their own private pensions, and personal pensions. The latter are arrangements whereby individual workers can contract out of either the national second tier plan of their employers substitute plan and set up a private personal saving arrangement of their own. Individuals are encouraged to contract out of either the public second tier or their private firm level...