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The organisation was established in 2011; it publishes an annual Living Wage figure and for a fee accredits employers who pay at the rate of the "living wage". [2] [3] As of October 2023, the current living wage rates are £12 per hour outside of London and £13.15 per hour inside London.
The National Living Wage was phased in between April 2016 and April 2020, with the aim of reaching 60% of median UK earnings by 2020. For over-25 year old employees, the wage began at £7.20 per hour in April 2016 and was projected to rise to at least £9 per hour by April 2020. [2]
A general rule for comparing periodic salaries to hourly wages is based on a standard 40-hour work week with 50 weeks per year (minus two weeks for vacation). (Example: $40,000/year periodic salary divided by 50 weeks equals $800/week. Divide $800/week by 40 standard hours equals $20/hour).
From last year, for the first time ever, you can earn £1,000 a month without paying a penny of tax or national insurance. “But since the pandemic, things have being going in the wrong direction.
The gross pay per hour for a job paying $60,000 annually would be $28.84. This is based on a 52-week year and the estimate is pre-tax and does not factor in any unpaid leave or overtime.
For example, if a worker on a salary of £20 per hour travels to a meeting, the value of time in that case is £20 per hour, because that is the amount the employer would be willing to pay to reduce travel time (as travel time can be considered to be "wasted", i.e., not spent working).
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