Living wage increases to £12.01

Voluntary rate up by 96p over the last year

You now have to earn more than £12 per hour to be able to pay for all essentials on the Isle of Man.

Figures from the Isle of Man Government show the increased cost of living over the last year has set the living wage at £12.01 per hour - an increase of 96p over the last year.

The voluntary rate is designed to calculate the minimum salary needed to afford basic opportunities, goods and services to participate in society.

This year's report shows living as a single male on the Isle of Man costs £404.23 per week - requiring a wage of £12.36 per hour, while for single women it's £413.91, or £12.74 per hour. For couples, the weekly cost is £565.23, or £8.06 per hour.

But, for households with children, the hourly rate is much higher, with a single person with three kids needing £22.97 per hour, while a couple with four children would need to earn almost £1,400 per week.

The living wage also takes into account tax, national insurance and benefits.

The updated rate means the Isle of Man's living wage is now £1.11 higher than the UK, which is due to update its figure in September.

The Isle of Man does use a different formula than the UK to calculate its living wage, adding in additional costs for travel, allowing for higher private sector rents and removing retailers not present on the Island.

The Isle of Man Government has committed to transition minimum wage to the level of the living wage by 2025.