London is one of the most expensive cities in the world, and it can be challenging to make ends meet. However, the London Living Wage is a minimum wage that ensures workers can afford to live in the city. In this article, we will explore how much the London Living Wage is per year and what it means for workers.
What is the London Living Wage?
The London Living Wage is a minimum wage that is calculated based on the cost of living in London. It is an hourly rate that is set by the Living Wage Foundation and is updated annually. The current London Living Wage is £10.85 per hour, which is higher than the UK minimum wage of £8.91 per hour.
How much is London Living Wage per year?
To calculate the London Living Wage per year, we need to multiply the hourly rate by the number of hours worked per week and the number of weeks worked per year. Assuming a full-time worker works 37.5 hours per week and 52 weeks per year, the London Living Wage per year would be:
£10.85 x 37.5 hours x 52 weeks = £20,475 per year
This means that a full-time worker earning the London Living Wage would earn £20,475 per year before tax.
Who is eligible for the London Living Wage?
The London Living Wage is not a legal requirement, and employers are not obligated to pay it. However, many employers choose to pay the London Living Wage to their employees as it is a fair wage that ensures workers can afford to live in the city. The Living Wage Foundation encourages employers to pay the London Living Wage, and over 5,000 employers in the UK have signed up to the scheme.
Benefits of the London Living Wage
Paying the London Living Wage has many benefits for both employers and employees. For employers, it can lead to increased productivity, reduced staff turnover, and improved staff morale. For employees, it means they can afford to live in the city, have a better quality of life, and are less likely to experience financial stress.
Conclusion:
The London Living Wage is a minimum wage that ensures workers can afford to live in the city. It is calculated based on the cost of living in London and is updated annually. The current London Living Wage is £10.85 per hour, which equates to £20,475 per year for a full-time worker. Paying the London Living Wage has many benefits for both employers and employees, and it is an important step towards creating a fairer and more equal society.
