Real Living Wage Hiked Early to Help Workers Overcome Cost of Living Crisis | Business news

The voluntary real-life wage was raised earlier than usual to provide greater financial support to hundreds of thousands of workers amid the cost of living crisis.

The Living Wage Foundation, which sets the hourly rates that employers can join, said they would increase from £ 1 to £ 10.90 across the UK and from 90p to £ 11.95 in London.

Fares – which are independently calculated based on what people need to live – are over £ 9.50 per hour for adults.

They are paid by over 11,000 employers who have joined the program.

The foundation said 390,000 people would benefit, amounting to nearly £ 2,000 for a full-time worker.

The new rates, he also explained, were now worth £ 2,700 more per year for full-time workers in the UK than those on the national minimum wage and nearly £ 5,000 more in London.

The increases come into effect at a time when the pace of inflation it is running at a maximum of 40 years at just under 10%.

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The new prospects for inflation

According to foundation director Katherine Chapman, the 10.1% increase in the real living wage in the UK represented the largest annual increase implemented.

He said: “With the cost of living rising so rapidly, millions of people face a horrible ‘hot or eat’ choice this winter – that’s why a real living wage is more vital than ever.

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“Today’s new tariffs will provide hundreds of thousands of workers and their families with greater security and stability during these incredibly difficult times.

“We are facing unprecedented challenges with the cost of living crisis, but companies continue to step up and support workers by signing up for living wages in record numbers.

“We know that living wages are good for both employers and workers, which is why real living wages must continue to be at the center of solutions to address the cost of living crisis.”

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The foundation said the number of real living wage employers had more than doubled in the past two years, with major new names including Royal Albert Hall, Aston University and the ExCel Center.

They join half of the FTSE 100 companies, including Aviva, Everton FC, Ikea, Burberry and Lush, as well as thousands of small businesses.

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