Boost for Low-Paid Workers
Over 460,000 employees across more than 14,000 companies will receive a pay boost starting today. The Living Wage Foundation has announced a 10% increase in the real living wage rates. Outside London, the hourly rate will rise to £12, a £1.10 increase. In the capital, workers will see their hourly rate increase from £11.95 to £13.15, a £1.20 raise.
Persistently High Costs
The Living Wage Foundation stated that the 10% rise is a response to the "persistently high costs" faced by low-paid workers. These rates are separate from the government's national living wage, which sets the minimum hourly rate at £10.42 for workers over 23 years old. The national minimum wage, on the other hand, is the minimum pay per hour for workers under 23, also set by the government.
Voluntary Scheme
The Real Living Wage Foundation establishes the hourly rates for the voluntary real living wage scheme. Companies can choose to sign up and pay their employees this amount, but it is not a legal requirement. The rates are calculated based on the cost of living data in London and the UK.
Companies Paying the Real Living Wage
Notable companies that have signed up to pay the Real Living Wage include Aviva, Nationwide, Brewdog, and Heathrow Airport. To find out which companies are part of the scheme, you can visit the foundation's website.
Improving the Lives of Workers
The Living Wage Foundation director, Katherine Chapman, emphasized that these new rates are a lifeline for the 460,000 workers who will receive a pay rise. Many low-paid workers struggle with high prices and often have to rely on food banks or fall behind on household bills. This increase in the real living wage aims to alleviate some of these challenges.
Additional Financial Tips
For those interested, we have also uncovered when the next cost of living payment is scheduled to be made. Furthermore, financial expert Martin Lewis has shared a simple way for individuals on Universal Credit to reduce their monthly household bills.
Did you miss our previous article…
https://hellofaread.com/money/detectorist-discovers-rare-medieval-coins-buried-for-over-500-years/
