Over 460,000 people working for 14,000 real Living Wage Employers throughout the country are set for a vital cost-of-living pay boost, as the Living Wage Foundation’s real Living Wage rates rise to £12 an hour across the UK (£1.10 increase), and £13.15 an hour in London (£1.20 increase). The Real Living Wage Foundation announced the increase today (October 24), saying the cost of living crisis continued to hit low-paid workers the hardest.
Unlike the Government minimum wage (‘National Living Wage’ for over 23s – £10.42) the real Living Wage is the only wage rate independently calculated based on rising living costs and applies to everyone over 18.
A full-time worker earning the new, real Living Wage would earn £3,081 a year more than a worker earning the current government minimum (NLW), and £2,145 more than their current pay. In London, a full-time worker on the new real Living Wage rate would earn an additional £5323.50 a year compared to a worker on the current NLW.
Katherine Chapman, Real Living Wage Foundation director, said: “As inflation eases, we cannot forget that low-paid workers remain at the sharp end of the cost of living crisis. Low-paid workers continue to struggle with stubbornly high prices because they spend a larger share of their budget on food and energy. These new real Living Wage rates are a lifeline for the 460,000 workers who will get a pay rise.
“During these tough economic times, it is heartening that record numbers of employers are signing up to join the Living Wage movement, protecting everyone who works for them – including cleaners – from rising prices and seeing the benefits of a more motivated and engaged workforce. The Real Living Wage has never been more important and we encourage those who can to join the 14,000 Living Wage employers across the UK who are committed to always pay a wage that covers the cost of living.”
Kristina Maculska, who earns the real Living Wage and works in the catering team at the London Stadium, said:
“The rate rise makes a real difference to me and my family especially when the cost of living is so high, particularly in London. The real Living Wage has a positive impact on my motivation and productivity at work. Additionally, it helps to feel secure about tomorrow and maintain stable mental health, which is important for healthy relationships with colleagues and family.”