Wages and Living Costs in England
I have a question that i am having a hard time finding the answer to, the hardest I've had so far about questions concerning England. I'm also honestly really afraid of the answer, but I need to know:
What is the average gap between minimum wage and the cost of living? Is it a big difference? here in the United States it varies between each state, in some states the minimum wage is only a dollar an hour lower than the living wage, but in others it can be a few dollars lower.
So, how much lower is the minimum wage compared to the living wage?
The way I understand the matter, the National Living Wage for anyone over the age of 25 is currently set at £7.20/per hour. Hourly rates for younger workers are lower.
The rates for minimum wage and National Living Wage are set every October and you can keep an eye on the details on this page.
Hope this helps.