What is classed as a livable wage?

A livable wage is defined as a compensation rate that allows individuals and families to meet their basic needs while also providing a cushion for savings and unexpected expenses. In London, the London Living Wage is currently set at £13.85 per hour. This rate is determined through independent calculations that take into account the significantly higher cost of living in the capital compared to other regions. The aim of this wage is to ensure that workers can afford essential expenses such as housing, food, transportation, and healthcare, while also having the opportunity to save for future needs or emergencies. By establishing a livable wage, the goal is to promote financial stability and improve the overall quality of life for workers and their families in London.