This week is Living Wage Week, and it’s especially important this year due to the ongoing cost-of-living crisis. In this blog, we discuss the importance of the Real Living Wage and how it benefits our employees.
Many people often ask, what is the Real Living Wage?
The Real Living Wage is a minimum hourly rate that is calculated according to a basket of household goods and services, and therefore reflects the actual cost of living. This rate is higher than the Minimum Wage and the National Living Wage set by the Government.
The Real Living Wage has recently increased by 10% from £10.90 per hour to £12 per hour. The Living Wage Foundation is a registered charity leading the campaign for fair wages. There are 14,000 employers, with over 460,000 workers, accredited by the Living Wage Foundation – accredited employers pay at least the Real Living Wage rate to all employees regardless of age or experience.
Why Celebrate Living Wage Week 2023?
The ongoing cost-of-living crisis highlights how important it is for wages to keep up with increasing prices. Employers accredited with the Living Wage Foundation are a key part of the movement to promote fair wages – Living Wage Week is an opportunity to celebrate the benefits of being a Real Living Wage employer.
To celebrate this week and the new hourly rate, there are various events being hosted by the Real Living Wage Foundation. Visit their website to find out how you can get involved and show your support.
Join us in celebrating Living Wage Week here: Living Wage Week | Living Wage Foundation
What does paying the Living Wage means to us and our employees?
We are proud to be a Living Wage accredited employer. Paying the Real Living Wage as a minimum makes a real difference to our employees and that is important to us. It helps us to demonstrate how much we value our dedicated workforce and also how committed we are to being a responsible employer. As a business, we benefit from increased employee motivation and retention, and we are able to attract new staff. Based on a recent survey by the Living Wage Foundation, 94% of employers reported that they have benefited from their accreditation.
We would encourage all employers to find out more about becoming accredited with the Living Wage Foundation here: