Decoding the London Living Wage: A Comprehensive Guide to Understanding its Impact and Implications
In the bustling city of London, the concept of a living wage has become a focal point for discussions about income inequality, economic sustainability, and social justice. The London Living Wage (LLW) is a voluntary hourly rate set independently and updated annually by the Living Wage Foundation. It is calculated according to the basic cost of living in the UK, with a higher rate applicable for London due to its higher living costs. But how much is the London Living Wage, and what does it mean for employers, employees, and the broader economy?