On 6th November, 2017, Living Wage Week announced the new Real Living Wage rates at £8.75 per hour for the UK and £10.20 per hour for London.
This figure is calculated using the minimum income standard for the UK, detailing the minimum requirement by households in order to have an acceptable standard of living.
Unlike the real Living Wage, the National Living Wage, which was raised by the government in 2016 for staff over the age of 25, is calculated based only on a target to reach 60% of median earnings by 2020. This would result in a rise to less than £9 per hour by 2020. The Real Living Wage is therefore a more accurate calculation of what employees and their families require to live.
The Real Living Wage is voluntarily paid by over 3,500 UK businesses, with over 150,000 employees receiving a rise in pay. Some of the benefits include an increase in motivation and retention rates for employees and an improved relationship between managers and their staff members.
Perfectus Biomed is proud to be an accredited living wage employer.
To find out more about the Real Living Wage, please click here.