THE COST-OF-LIVING CRISIS LEADS TO UK/LONDON LIVING WAGE INCREASE.
This year’s Living Wage rates were increased in September 2022, in recognition of the ‘cost of living crisis’. These rates are not statutory like National Minimum Wage, they are independently calculated, voluntary and based on the cost of living.
New Living Wage rates are coming into action across the UK. There are over 11,000 real Living Wage Employers throughout the country . Almost 400,000 people working for such Employers, will be seeing an increase of £1 as pay increases to £10.90 an hour. Those in London will be seeing an increase of 90p, when pay goes up to £11.95 an hour.
According to Living Wage Foundation: “Unlike the Government minimum wage (‘National Living Wage’ for over 23s – £9.50) the real Living Wage is the only wage rate independently calculated based on rising living costs. A full-time worker earning the new, real Living Wage would earn £2,730 a year more than a worker earning the current government minimum (NLW), and £1,950 more than their current pay. In London, a full-time worker on the new real Living Wage rate would earn an additional £4,777.50 a year compared to a worker on the current NLW.”
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