Isle of Man voluntary living wage rises by 96p to £12.01

The island's voluntary living wage has gone up by 96p

The living wage on the Isle of Man has risen to £12.01, the latest report on the issue has confirmed.

The new voluntary hourly rate, which was calculated by Statistics Isle of Man, represents a 96p increase on the figure calculated in 2022.

Based on the cost of living, the report recommends the minimum salary needed for residents to afford basics, such as food, clothing and housing costs.

The UK figure is currently £10.90 and is set to be updated in September.

The report found that a single man needs to earn a weekly wage of £404.23 to live comfortably, with a single woman requiring £413.91 per week.

The weekly figure, which also considers tax, national insurance and benefits, sits at £1,395.83 for a couple with four children.

In 2022, an error in how the Isle of Man Living Wage was historically calculated meant the figure had been overestimated since 2017.

Meanwhile in May, the Isle of Man's Annual Earnings Survey revealed there had been a 6.8% rise in the number of people earning less than the living wage on the island in 2022.

The survey said the increase was "at least in part due to significant increases in both the living and minimum wages".

Tynwald has committed to aligning to the two figures, with the island's minimum wage currently set at £10.75, within the next three years.

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