The UK Treasury said on Monday that the National Living Wage is set to increase from £8.91 to £9.50 (from $12.27 to $13.08) an hour as part of the autumn Budget, but critics said that much of the raise will be eaten up by rapidly rising inflation. The 59-pence rise means a full-time worker on the living wage would see their annual income rise by more than £1,000 ($1,377). Chancellor Rishi Sunak said: “This is a government that is on the side of working people. This wage boost ensures we’re making work pay and keeps us on track to meet our target to end low pay by the end of this Parliament.” The National Living Wage was introduced in 2016 and sets the minimum hourly pay a person over the age of 23 can earn when working. But amid rising inflation, critics have questioned whether the hike is enough to …