The Living Wage Foundation, which calculates the hourly rate employers should pay their staff based on what people need to afford as a minimum, has announced that it will bring forward its annual rates, from November to September, in response to an unprecedented rise in living costs.
The ‘Real’ living wage rates are normally announced as part of Living Wage Week, but this year it has decided to bring forward the announcement as soaring inflation and the war in Ukraine pushes up the price of food, fuel and other essentials.
The Real’ Living Wage Scheme, which is supported by 10,000 employers in the UK, is currently £9.90 per hour in the UK and £11.05 in London.
This compares to the current minimum wage for under 23’s of £9.18 per hour and the national living wage for over 23’s of £9.50 an hour.
Katherine Chapman, director of the Living Wage Foundation, said: “The real Living Wage is the UK’s only wage rate independently calculated to meet the cost of living and, for workers struggling to keep their heads above water as prices surge, it’s more important than ever before. That’s why, with the rate of inflation fast approaching double figures, we are bringing forward the annual announcement of the 2022-23 Living Wage rates to late September.
“Rising prices are eating away at all of us, but nobody is feeling the pinch more than the 4.8 million low paid workers across the UK. It’s never been more important that employers who can afford it protect those who will be most affected by price rises by paying a wage based on the cost of living.”
It should be noted that payment of the real living wage is purely voluntary and based on the minimum cost of living, rather than legislated minimums.
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