At a time where the nation is facing record levels of economic uncertainty, the recent news from The Living Wage Foundation must be counted as a positive.
Summary of The Living Wage change
The real Living Wage is the only UK wage rate that is voluntarily paid by over 11,000 UK businesses who believe their staff deserve a wage which meets everyday needs – like the weekly shop, or a surprise trip to the dentist.
The new Living Wage rate was announced on Thursday 22nd September 2022. Employers should implement the rise as soon as possible but by the latest 14th May 2023.
The Living Wage Foundation, which sets the hourly rates that employers can opt in to, said that they would go up by £1 to £10.90 across the UK and by 90p to £11.95 in London.
The rates – which are independently calculated based on what people need to live on – are higher than the statutory £9.50 an hour for adults.
They are paid by more than 11,000 employers who have signed up to the scheme.
The foundation said 390,000 people would benefit, to the tune of almost £2,000 for a full-time worker.
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