460,000 people to get 10 per cent pay rise from today – are you eligible for boost?
Hundreds of thousands of people will get a 10 per cent pay boost via the new Real Living Wage rates
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Hundreds of thousands of people will get a pay rise from today, as the Real Living Wage will increase by 10 per cent, it was announced today.
More than 460,000 people working for 14,000 employers who pay the voluntary rate will benefit from the rise.
The Living Wage Foundation said its rates will increase to £12 an hour outside of London, a rise of £1.10.
It will rise by £1.20 in the capital to £13.15 an hour.
The Real Living Wage is voluntary and applies to everyone over the age of 18
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The 10 per cent rise will come into effect on Tuesday, and employers signed up will have six months to implement the new rates.
The Real Living Wage is voluntary and applies to everyone over the age of 18, compared to the statutory National Living Wage which stands at £10.42 an hour for over 23s.
The National Minimum Wage is £10.18 for 21 to 22-year-olds, and £7.49 for 18 to 20-year-olds.
The minimum wage rates are lower for younger workers.
A full-time worker earning the new Real Living Wage will earn £3,081 a year more than someone on the National Living Wage, and an extra £5,323 in London, the foundation said.
Research by the Living Wage Foundation found that despite easing inflation, the cost of living crisis is still being felt by low-paid workers, with 50 per cent worse off than a year ago.
In its survey, more than two in five low-paid workers said they regularly use a food bank and almost as many reported falling behind on household bills.
Living Wage Foundation director Katherine Chapman said: “As inflation eases, we cannot forget that low-paid workers remain at the sharp end of the cost-of-living crisis.
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Research by the Living Wage Foundation found that despite easing inflation, the cost of living crisis is still being felt by low-paid workers
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“Low-paid workers continue to struggle with stubbornly high prices because they spend a larger share of their budget on food and energy.
“These new rates are a lifeline for the 460,000 workers who will get a pay rise.”
Earlier this month, the Chancellor Jeremy Hunt announced the National Living Wage will rise to two-thirds of average earnings, to more than £11 an hour, from April 2024.
It will mean more than two million full-time workers on low pay get a pay rise of more than £1,000 next year.