Real living wage set to increase in April 2024

The Living Wage Foundation’s ‘real living wage’ has announced that they have risen the real living wage to £12 an hour across the UK, a £1.10 increase.  In London, it has increased by £1.20 to £13.15 an hour.

The Government sets the national living wage, but the ‘real living wage’ is a voluntary rate of pay that employers can choose to give to their staff.  There are 14,000 real living wage employers who have over 460,000 people working for them who will receive this pay rise.

Research conducted by the Living Wage Foundation research found that 60% of those earning below the real living wage have visited a food bank in the past year and that 39% are regularly skipping meals for financial reasons. 

The Government’s national living wage is currently £10.42, following an increase in April 2023. The Chancellor has announced that this will rise to £11 in April 2024. A full-time worker on the new real living wage rate would earn £3,081 a year more than a worker earning the current Government minimum. 

121 HR Solutions will keep readers updated on the changing rates in rates of pay set by the Government but should you wish to conduct a salary benchmarking exercise to see how salaries compare in your industry contact enquiries@121hrsolutions.co.uk to discuss how we can help!