With an increase in the real living wage hundreds of thousands of workers in the UK could be due a pay rise.
According to Money Saving Expert's latest newsletter, almost 400,000 people working for over 11,000 real living wage employers will see their pay increase. Currently, the real living wage in London is £11.05, while in the rest of the UK it is £9.90.
The real living wage is a voluntary employers' pay scheme that is calculated on the actual cost of living. This year's increase in the real living wage has been brought forward in recognition of the sharp rise in living costs as the change was originally set for November but now employers should implement the changes as soon as possible.
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However, while the changes are expected to be quick, employers have until May 14, 2023, to make amendments. You can check whether your employer is one of the participating companies by heading to the Living Wage Foundation website.
Martin Lewis, founder of MSE, was pleased with the updates as he took to Twitter to share the update. He wrote: "As a long time support of the @LivingWageUK's Real Living Wage, glad to see it going up by 10.1% this week. This makes a material difference, as it does change what 390,000 people earn, as firms who are signed up, change what they pay accordingly."
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