The voluntary living wage on the Isle of Man increased by 96p to £12.01

Manx currency

According to the most recent report on the subject, the living wage on the Isle of Man has increased to £12.01.

The new voluntary hourly rate, which Statistics Isle of Man calculated, represents an increase of 96p over the amount determined in 2022.

The report suggests the minimum wage required for residents to be able to afford necessities like food, clothing, and housing costs based on the cost of living.

The current UK figure is £10.90, and an update is expected in September.

According to the study, a single man needs to make £404.23 per week to live comfortably, while a single woman needs to make £413.91 per week.

For a couple with four children, the weekly amount, which also takes into account tax, national insurance, and benefits, is £1,395.83.

The Isle of Man Living Wage had historically been overestimated since 2017, according to a 2022 error in how the figure was calculated.

The number of people on the Isle of Man earning less than the living wage increased by 6 point 8 percent in 2022, according to the Isle of Man's Annual Earnings Survey, which was released in May.

According to the survey, the rise was "at least in part caused by significant increases in both the living and minimum wages.".

The island's current minimum wage is £10.75, and Tynwald has pledged to align to the two figures within the following three years.

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