Inflation and wages

[Citybreak1]

I hear the living wage will only rise around 50p not quite a real living wage as promised my bank has just reduced my interest and the tax has remained the same so not really any better off? Some food prices have doubled and private rents too. On current wages I hear people won’t be better off for atleast 4/5 until wages catch up with bills.

 

[ainsworth74]

I hear the living wage will only rise around 50p not quite a real living wage as promised my bank has just reduced my interest and the tax has remained the same so not really any better off? Some food prices have doubled and private rents too. On current wages I hear people won’t be better off for atleast 4/5 until wages catch up with bills.

Here from where? Is this in relation to some sort of news article?

The National Living Wage (the statutory minimum wage for those aged 21 or over) went up on 1 April 2024 from £10.42ph to £11.44ph so just over £1. The Living Wage Foundation currently estimates the actual Living Wage as being £12.00ph outside of London and £13.15ph within London. They recalculate their Living Wage I believe in the Autumn of each year giving employers six months to implement it in order to retain their Living Wage accreditation.

So are you referring to the difference between the National Living Wage and the actual Living Wage? It's a bit confusing what you're referring to!

 

[Citybreak1]

Here from where? Is this in relation to some sort of news article?

The National Living Wage (the statutory minimum wage for those aged 21 or over) went up on 1 April 2024 from £10.42ph to £11.44ph so just over £1. The Living Wage Foundation currently estimates the actual Living Wage as being £12.00ph outside of London and £13.15ph within London. They recalculate their Living Wage I believe in the Autumn of each year giving employers six months to implement it in order to retain their Living Wage accreditation.

So are you referring to the difference between the National Living Wage and the actual Living Wage? It's a bit confusing what you're referring to!

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In October, Chancellor expected to announce that living wage will go up by just under 4pc next year, taking it to just under £12 per hour

I know there’s an argument higher wages means higher food bills but a few weeks ago it did seem like higher wages may happen. Maybe good news for employers but bad news if you have high rent. And yes sorry I mean the government Living wage.

 

[jon81uk]

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I know there’s an argument higher wages means higher food bills but a few weeks ago it did seem like higher wages may happen. Maybe good news for employers but bad news if you have high rent. And yes sorry I mean the government Living wage.

Given the quote is talking about what the Chancellor is expected to announce in two months time about a change coming a further six months after that, its possible things might change further depending what happens with inflation over the next few months.

But also I think more employers should be paying the actual Living Wage not the government minimum. Many places do now, Sainsbury's increased their pay to at least £12 an hour earlier this year.