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A Slave to the Wage

A A Slave to the Wage Is the Living Wage Enough? VING WAGE Living Costs*: Renting a one bedroom property outside the city centre London £1,878 Bristol Glasgow £1,486 £1,555 Leeds £1,419 Cardiff Belfast £1,267 £1,269 What you can afford on: Living Wage ($7.45/8.55) National Minimum Wage (£6.31) (Full-time, after tax) Living Costs*: Renting a room in a three bed property outside the city centre London Bristol £1,118 £1,058 Glasgow Cardiff Leeds £735 What you can afford on: Living Wage ($7.45/8.55) National Minimum Wage (£6.31) £844 Belfast £776 £660 (Full-time, after tax) So you could rent a room, but you wouldn't be able to afford to live on your own. How Is It Calculated? Outside of London, the Living Wage is based on how much money different households need in order to maintain a minimum acceptable standard of living. This standard was identified by the public, and its cost calculated by looking at the prices of goods in national chain stores. For housing costs, the average council rent for the area was used for families, and the average lower quartile rent in the private sector for households without children. The wage is currently set at £7.45p/h. In London, the Living Wage is calculated by using a combination of two approaches, the basic living costs approach and the income distribution approach: Income Distribution Approach: £7.80p/h Basic Living Costs Approach: £7.10p/h A "low cost but acceptable" Low Salaries High Salaries budget is determined for a range of households, then the wage needed to meet these Median This is calculated as 60% of the average (median) costs is calculated. income for London. The average of these two amounts is the "poverty threshold wage". This is increased by 15% to give the London Living Wage of $8.55p/h. How Many Londoners Earn the Living Wage? Full-time employees Earn at least the London Living Wage 88.6% 6.8% Earn less than the London Living Wage Part-time employees Earn less than the poverty threshold wage 53.8% 33.6% According to the Annual Survey of Hours and Earnings Has it Increased With Inflation? Year-on-year percentage increase trend, 2001-2013 10% Inflation London Living Wage National Minimum Wage 0% 2002 2004 2006 2008 2010 2012 Sources: www.gov.uk/national-minimum-wage-rates www.livingwage.org.uk/what-living-wage www.thisismoney.co.uk/money/bills/article-1633409/Historic-inflation-calculator-value-money-changed-1900.html www.london.gov.uk/sites/default/files/living-wage-2012.pdf * Living cost figures calculated according to the average amount spent on five categories for each location on numbeo.com/cost-of-living. These categories are rent, market goods (food, drink, alcohol, and cigarettes), utilities (electricity, heating, water, waste, a basic mobile phone tarif, and an internet connection), transport (a monthly pass), and shoes & clothing.

A Slave to the Wage

shared by RenderPositive on Oct 18
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The infographic looks at how much it can really cost to live around the UK, and compares this to the Living Wage and the Minimum Wage.

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Economy
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