The new rate is rising to £8.45 per hour, from its current £8.25. For those living in London, the rate will rise by 35p to £9.75 an hour, the city's Mayor, Sadiq Khan, announced.
Nearly 3,000 businesses are signed up to the scheme, including Ikea and EDF.
The scheme is separate from the government's National Living Wage, introduced in April this year.
The government's figure is set at £7.20 an hour for workers aged 25 and above.