Living wage increased — costs and benefits to employers
By Aidan McGuire
The UK’s living wage recently increased by 20p to £7.65 an hour outside of London and by 25p to £8.80 per hour in London. This equates to a pay rise of more than £450 for Londoners working full time.
While this is great news for those receiving the living wage, how does it affect living wage employers and the companies who contract with them?
The living wage, promoted by the Living Wage Foundation, is an hourly rate calculated with reference to the basic cost of living, the aim of which is to pay full-time workers enough to lead a ‘decent life’ without having to hold down multiple jobs in order to buy food and pay rent. The amount is far higher than the national minimum wage, currently set at £6.31 for those aged over 21, and the recent increase shows that the difference between the two is growing…
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