Written by Debbie Clarke, BrightPay Payroll Software: Living Wage Week runs from 5th November to 11th November 2017 and as part of this week, new living wage rate details are revealed. The UK Living Wage and the London Living Wage are the only rates that are independently calculated every year to meet the real cost of living. In comparison, the ‘National Living Wage’ is the living wage rate set by the Government for people aged 25 and over.
The Mayor of London announces the London rate for the Living Wage whereas the UK rate is announced countrywide at the same time. The new London Living Wage has increased by 4.6%, from £9.75 to £10.20 per hour. This helps reflect the higher cost of living facing families in the city. Director of the Living Wage Foundation, Katherine Chapman, explained the increase is due to inflation (currently 3%) as well as increases in the cost of transport, rent and household goods.
The UK Living Wage rate has increased by 3.6%, an increase of 30p from £8.45 to £8.75. The Government’s current National Living Wage for over 25s is £7.50, which is £1.25 less than this rate.
There are over 1,000 London-based employers that have agreed to pay their staff the Living Wage hourly rate and a total number of 3,600 accredited Living Wage organisations including Ikea, Nationwide, Diageo and Google. New companies that have signed up are Heathrow Airport, The National Gallery, Somerset House and The Southbank Centre.
For further information about the Living Wage Foundation and Living Wage Week visit the Living Wage Foundation website.
Written by Debbie Clarke, BrightPay Payroll Software. Exhibiting at Accountex Summit North on stand 34.
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