Chancellor Jeremy Hunt promised a national wage increase to “at least £11 an hour” for over 23-year-olds, up from from the current £10.42, during his speech at the Conservative Conference.

Ignoring the growing calls for tax cuts within his party, Mr Hunt pledged to achieve the target set last year for the national living wage to reach two-thirds of median hourly pay by October.

The Low Pay Commission said the rate to meet the the target was between £10.90 and £11.43 – with a sweet spot central estimate of £11.16.

So how much could this rise actually earn you in a year, and when does it come into effect? Here’s everything you need to know.

How much will I earn in a year?

The national wage increase is expected to apply to more than two million workers who are on minimum wage. The Tories said this would mean the annual salary of a full-time worker on the national living wage would increase by £1,000 next year.

So, an £11 an hour rate would see you earn £22,880 a year, based on a 40-hour working week in a a full-time job, including paid holiday. If you’re paid once every two weeks, your paycheck would be £953.33, with a weekly salary of £440. If you’re paid per day, this works out to £88.