Almost 400,000 workers to get cost of living pay rise as real living wage increases

THOUSAND of workers employed by over 11,000 companies paying the real living wage, will get a pay boost from today.

Over 390,000 employees will see their hourly rate hiked by 10%.

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Workers on the real living wage will see their hourly pay hiked from £9.90 to £10.90 to help with the rising cost of living.

Those in London will see their hourly rate rise from £11.05 to £11.95.

Over 390,000 workers are set to get the salary boost.

The rates are separate from the government’s national living wage which sets the minimum hourly rate at £9.50 for 4.8million UK workers over the age of 23.

The national minimum wage is also set by the government and it is the minimum pay per hour for workers under the age of 23.

We’ve listed the new rates for the national minimum wage here.

Unlike the national pay floors, the The Real Living Wage Foundation sets the hourly rates for the voluntary real living wage scheme.

Companies can then choose to sign up to pay their employees this amount – so it’s not a legal requirement that you have to be paid the real living wage.

The rates are calculated based on data about the cost of living in London and in the UK.

Some 11,000 companies have agreed to pay the new real living wage which will now be worth £3,000 a year more per year than than the national living wage for the average worker.

Companies paying the real living wage include Aviva, Nationwide, Brewdog and Heathrow Airport.

It is estimated that half of the FTSE 100 companies pay their employees the higher wages.

You can find out which companies are signed up to pay the Real Living Wage on the foundation’s website.

The announcement of the new rates was brought forward in recognition of the sharp increase in living costs over the past year, said the foundation.

Katherine Chapman, Living Wage Foundation director, said: “With living costs rising so rapidly, millions are facing an awful ‘heat or eat’ choice this winter – that’s why a real living wage is more vital than ever.

“Today’s new rates will provide hundreds of thousands of workers and their families with greater security and stability during these incredibly difficult times.

“We are facing unprecedented challenges with the cost-of-living crisis, but businesses continue to step up and support workers by signing up to the Living Wage in record numbers.”

The new rates are usually announced in November, but come into force today (September 22).

This post first appeared on thesun.co.uk