the Living Wage is an independetly-set hourly rate of pay, updated annually.
It is set according to the cost of living in the UK. Unlike the National Minimum Wage, it is a voluntary scheme.
According to the Living Wage Foundation, which accredits the Living Wage scheme, 80% of London-based accredited businesses said the quality of their staff’s work had improved since paying Living Wage. Absenteeism had also fallen by around 25%.
The current rate outside of London is £7.65 per hour, while the London rate is £8.80.
It is updated annually in November as part of Living Wage Week.