The Living Wage rate has increased to 12.60 PS per hour

According to the Living Wage Foundation, the’real’ Living Wage has increased 5% and is now PS12.60 per hour.

The voluntary rate is paid by almost 500,000 employees in more than 15,000 companies. They will get PS2,262 more per year than they would if they had been paying the minimum rate.

The rate in London has increased to PS13.85 per hour by 5.3%, which means that workers who are employed by employers participating in the scheme can earn up to PS4,700 extra each year.

The rates rose by 10% last year for the second consecutive year. This was due to high inflation and rising living costs.

The government has set the current national living wages at PS11.44 per hour for those who are over 21. The Living Wage applies to all workers who are over 18 and work for an employer that pays the Living Wage.

The government has promised to abolish the lower minimum statutory rate for 18 to 20 year olds. It has also suggested that the Low Pay Commission closes this gap “year by” year.

Living Wage Foundation released research earlier this month showing that after paying bills, rent, and transport costs, 42% of workers earning below the “real” Living Wage had less than PS10 per week.

‘s latest data shows, however, that employers remain cautious when it comes to offering pay increases. The median wage award is expected to fall to 3% by 2025.

While the number of employers who have signed up for the Living Wage has increased, a few high-profile companies, such as BrewDog, and Capita, have withdrawn from it this year.

Katherine Chapman said that the new rates will make a “massive” difference to those who are struggling with their cost of living.

She said: “It is a difficult time for business, too. That’s why it is encouraging to see that the Living Wage Movement continues to grow at a pace.”

Employers who wish to pay their employees a wage that is in line with real costs of living should look at these employers. They can also certify with the Living Wage Foundation.

Several employers have signed up for the Living Hours Scheme, which guarantees 16 hours of work per week, along with a month-long notice of shift patterns, and a contract reflecting the hours worked. They have also signed the Living Pension Scheme, which recommends an employer contribution of at least 7% to workers’ retirement.

Darren Taylor, Country People and Culture Manager at IKEA UK&IE said about the new Living wage rate: “We are hoping that this year’s increase, together with our enhanced benefits and flexibility offer, will give co-workers greater financial stability, and the support they need to live a more fulfilling life.”

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