HALF a million workers employed by more than 14,000 companies paying the real living wage will get a pay boost from today.

More than 460,000 employees will see their hourly rate hiked by 10%.

Nearly half a million workers will get a pay rise from today

1

Nearly half a million workers will get a pay rise from todayCredit: Getty

The Living Wage Foundation said its rates will increase to £12 an hour outside London – a rise of £1.10.

Those in London will see their hourly rate rise from £11.95 an hour in the capital to £13.15 – a £1.20 increase.

The foundation said the 10% rise, coming into effect today, reflects “persistently high costs” for low-paid workers.

The rates are separate from the government’s national living wage, which sets the minimum hourly rate at £10.42 an hour for workers over the age of 23.

READ MORE IN MONEY

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.

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.

Most read in Money

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

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

More than two in five low-paid workers say they regularly use a food bank and almost as many report falling behind on household bills, said the foundation.

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.

“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.”

Meanwhile, we reveal when the next cost of living payment is set to be made.

Plus, Martin Lewis has revealed an easy way for anyone on Universal Credit to slash their monthly household bills.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected].

You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.

This post first appeared on thesun.co.uk

You May Also Like

Is Morrisons open on Christmas Eve? Opening and closing times over the holiday

IF you have a Morrisons near you, you might be hoping to…

Hundreds of thousands of Brits will avoid losing pension cash under new rules

HUNDREDS of thousands of Brits with small pension pots will no longer…

Student loan interest rates shouldn’t 12% – and RPI must be ditched

There is perhaps no more important time to educate people about their…

I’m a mum-of-two – my side hustle makes me £4,000 a month while I can still be there for my kids

WHEN Giselle González was searching for a new career, she wanted something with…