London Living Wage is a term that has been gaining popularity in recent years. It refers to the minimum wage that is considered to be enough for an individual to live comfortably in London. In this blog post, we will explore what London Living Wage is, how it is calculated, and why it is important.
What is London Living Wage?
London Living Wage is an hourly rate of pay that is calculated based on the cost of living in London. It is set by the Living Wage Foundation, an independent organization that campaigns for fair pay. The current London Living Wage rate is £10.85 per hour, which is significantly higher than the national minimum wage of £8.91 per hour.
How is London Living Wage calculated?
The Living Wage Foundation calculates London Living Wage based on the cost of living in London. This includes the cost of housing, food, transport, and other essential expenses. The calculation is reviewed annually to ensure that it reflects the current cost of living in the city.
Why is London Living Wage important?
London Living Wage is important because it ensures that workers in London are paid a fair wage that allows them to live comfortably. It also helps to reduce poverty and inequality in the city. Many employers have adopted London Living Wage as a minimum wage for their employees, including major companies such as Barclays, KPMG, and IKEA.
Conclusion:
In conclusion, London Living Wage is an important concept that ensures workers in London are paid a fair wage that allows them to live comfortably. It is calculated based on the cost of living in the city and is reviewed annually to ensure that it reflects the current cost of living. Many employers have adopted London Living Wage as a minimum wage for their employees, which is a positive step towards reducing poverty and inequality in the city.
