Martin Lewis’ Money Saving Expert says thousands of workers will wake up to a pay rise. Almost half a million workers are set to see their hourly pay rise by 5% due to an increase in the ‘real living wage’, the BBC and ITV star’s team said.
MSE explained those covered by the scheme will see their pay rise to at least £12.60 an hour, while those in London will get £13.85 an hour. The rate change was first announced on 23 October 2024, and employers have until 1 May 2025 to implement it.
A full-time worker earning the new real living wage will get £2,262 more a year than a worker on the current national minimum wage, according to Living Wage Foundation. In London, they would earn £4,700 more than a worker on the national minimum wage.
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Martin said: “I am truly delighted to be a part of this announcement – I have been a long-term supporter and my whole life is focused on how people cna pay less, to cut their expenditure, so they can get better value. But I know without a basic income none of that is possible.
“Hundreds of thousands of people are going to debt agencies – they are going there and they still have a minimum expenditure higher than their income. That is not a situation we should have for working people in one of the world’s richest economies.
“It has a massive impact on people’s mental health and physical health. I applaud all those employers who have signed up and become part of the Real Living Wage.” The new rate is £12 an hour, up £1.10, which in total could be a 10.1 per cent hike.
“That size of increase is no surprise – it’s based on how much people need,” Mr Lewis said.