Over 130,000 Londoners are to receive a 10 per cent pay boost, as the London living wage rises from 11.95 to 13.15.
They are employed by the capital’s 3,500 organisations signed up to the Living Wage Foundation (LWF). The companies have until 1 May 2024 to bring in the increase, which was announced on Tuesday October 24.
The foundation sets a real living wage every year, which is higher than the Government’s national living wage. The latter used to be called the minimum wage.
The LWF says its real living wage is a more accurate calculation of rising living costs - and it sets a special rate for London workers to reflect the capital’s higher prices. Outside London, the rate is increasing from 10.90 to 12.
The Government’s national living wage, which applies nationwide and only to those aged 23 and over, is currently 10.42.
Mayor Sadiq Khan said this year’s 10 per cent increase is “the biggest jump ever” for the London living wage.
He added: “It’s vital that we also see an increase in Government support, especially for small and micro businesses, for whom paying a London living wage can be a challenge.”
But what is the London living wage and how is it calculated? Here is what we know.
The London living wage is an hourly rate of pay that was 11.95 and has now been increased to 13.15. The London living wage is calculated independently to reflect the high cost of living in the capital, and aims to give workers living in the capital "and their...
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