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Living wage increases to £13.05

Up from £12.01 in 2023

The Isle of Man's living wage has increased by more than a pound over the last 12 months.

The updated calculation published by government for 2024-25 shows the rate now stands at £13.05, up from £12.01 last year.

It's the seventh time the living wage has been assessed since it was introduced on the Island in 2017.

The rate is intended to reflect the minimum salary needed for families to afford the basic opportunities to participate fully in society.

The figure is calculated by Statistics Isle of Man within the Cabinet Office, and takes into account the cost of food, housing and transport.

The UK's living wage currently sits at £12, with an update not expected until September.

When comparing the Isle of Man calculation to the UK figure, the report says the Island uses a significantly higher figure for private rent, while the UK rate generally involves significantly lower childcare costs.

While the rate is currently voluntary, the Isle of Man Government has committed to matching minimum wage and living wage by 2025.

Earlier this week, Tynwald voted to increase the minimum wage from £10.75 to £11.45 from 1 July.

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