Real living wage raised early to help workers navigate cost of living crisis | Business News

Voluntary real wages were raised earlier than usual to provide additional financial support to hundreds of thousands of workers amid the cost of living crisis.

Living Wage, which sets hourly rates that employers can opt in to, says it will increase £1 to £10.90 across the UK and 90p to £11.95 in London.

Fees – which are independently calculated based on what people need to live – are above the £9.50 an hour regulation for adults.

They are paid by more than 11,000 employers enrolled in the program.

The organization says 390,000 people will benefit, at almost £2,000 for a full-time employee.

The new rate, it also explains, is now worth more than £2,700 a year for full-time workers in the UK compared to the national minimum wage and almost £5,000 in London.

The increase takes effect at the moment when the speed of inflationary is running at a 40-year high, just under 10%.

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New outlook on inflation

According to fund manager Katherine Chapman, the 10.1 per cent increase in real wages in the UK is the largest annual increase made.

She said: “With the cost of living rising so quickly, millions of people are facing a ‘heat or eat’ choice this winter – which is why real living wages become so important. more important than ever.

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“Today’s new rates will provide hundreds of thousands of workers and their families with greater safety and stability during these extremely difficult times.

“We are facing unprecedented challenges with the cost of living crisis, but businesses continue to step up and support workers by applying for a record number of Living Wages. green.

“We know that Living Wages are good for employers as well as workers, which is why real Living Wages must continue to be at the heart of solutions to tackle the crisis. cost of living.”

The organization says the number of real-wage employers has more than doubled in the past two years, with big new names including Royal Albert Hall, Aston University and the ExCel Centre.

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

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