What is the Real Living Wage?
Jerome Cartwright and Zaryab Mahmood, Southway Housing
Not sure what the difference is between the Living Wage and the minimum wage? Read this article to find out more.
Earning enough to truly live
Understanding the Real Living Wage is an important part of financial education, as it shows the difference between just earning and truly affording life’s essentials. It helps people to see how fair pay connects budgeting, wellbeing and the real cost of living.
What is the Real Living Wage?
The Real Living Wage is a hourly rate calculated to reflect the amount of money that people need to live comfortably. This is a voluntary system – some businesses choose to sign up to offer this wage as a minimum. This helps people to cover essentials like, rent, food, travel and utilities. Currently the Real Living Wage in the UK is £13.45 per hour. In London, the Real Living Wage is £14.80 per hour.
What’s the difference?
The Real Living Wage is a voluntary wage designed to cover what people truly need to afford everyday living costs. The National Living Wage and Minimum Wage are legal minimums set by the government – the first for workers aged 21 and over, and the second for younger workers and apprentices.
Which businesses in Greater Manchester offer the Real Living Wage?
You can find out which employers in Greater Manchester offer by checking out the Living Wage Foundation’s website, which lists all accredited employers. Local councils and the Greater Manchester Living Wage Campaign also share updates on which businesses pay it. You can also find financial education support by checking out Manchester Money Ltd who offer free financial wellbeing programmes to firms (clinics, seminars, 1-to-1 appointments) that cover things like budgeting, debt management, savings, etc.
Find out more
Read more about the Living Wage on the Living Wage Foundation website.
Explore the Citizens UK Living Wage campaign site.
Get more financial support from Money Ready.
Learn more about saving money on the Manchester Credit Union website.
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