London Living Wage increased to almost £10 an hour

By

Barbara Santamaria

Published
Oct 31, 2016

The Mayor of London Sadiq Khan announced on Monday that the London Living Wage, the amount suggested to cover the basic costs of living in the capital, will be increased from £9.40 to £9.75 per hour.

According to Khan, over 309 new employers have signed up to pay their staff the capital’s hourly rate, including Ikea, Majestic Wine and Lloyds TSB. That brings the total number of accredited businesses in London to 1,033.

“Our economy continues to grow and for the first time in London’s history we now have over one million businesses based here. It’s essential that hard-working Londoners, who keep this city going, are rewarded for their integral role in this success”, said the Mayor of London at The British Library.

“Paying the London Living Wage is not just the right and moral thing to do, it makes good business sense too. As many employers already accredited know, the benefits are clear - including increased productivity and reduced staff turnover,” he continued.

The Living Wage is a voluntary rate of pay calculated on the cost of living. As of 31 October 2016 it is £9.75 per hour in London and £8.45 per hour for the rest of the UK.

Despite the number of employers accredited rising by over 300 from last year, the only two large fashion brands to have made a commitment are Burberry and Oliver Bonas.