The Living Wage Foundation reveals the sharpest increase in the voluntary rate ever implemented and says an extra £2,000 a year should give some meaningful help to full-time workers making the choice between heating and eating.
The voluntary real living wage has been raised earlier than usual to provide more 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 opt in to, said 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.The foundation said 390,000 people would benefit, to the tune of almost £2,000 for a full-time worker.
The new rates, it also explained, were now worth £2,700 more per year to full-time workers in the UK than those on the national minimum wage and almost £5,000 more in London.is running at a 40-year high at just under 10%.
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