Living wage rises from today!

Today the living wage will increase by 40p to £8.25.

More than 2,000 businesses, including Unilever and Lloyds Banking Group, are signed up to the voluntary scheme.

The new voluntary rate compares with the government’s compulsory National Living Wage of £7.20, which is set to come into force for over 25-year-olds next April.

The Government’s national living wage at the moment is £6.70 for over 25s and £5.30 for those aged 18 to 20.

What is the Living Wage?

The living wage is is used by employers on a voluntary basis. It is calculated independently and updated annually according to the basic cost of living.

What is the National Living Wage?

The Government’s new compulsory National Living Wage was announced in the last budget and ensures that everyone aged 25 and over receives £7.20 an hour from next April. This is set to rise to £9 by 2020.

CLICK HERE to read more over on ITV News.