A Living Income will ensure that everyone has enough income for a decent quality of life, whether in or out of work, by guaranteeing a sufficient minimum income for all.
The Living Income sets an ‘income floor’ – a level below which no one can fall that is sufficient to meet everyday needs, like the weekly shop or an emergency boiler repair. The level is based on the independently-assessed Minimum Income Standard, which is also used to determine the real living wage.
By revamping social security, we can ensure everyone has a decent minimum standard of living, whether in or out of work. We are still working on the details with our partners, but it is likely to include both new universal payments and stronger needs-based payments for support with parenting, lost work or disability.
Measures to achieve a Living Income include:
The Living Income works hand-in-hand with the real living wage, which ensures people in work are paid properly, and expanded public services, so that people do not have to save up to pay for essentials like health, education and social care. Together they make up The Social Guarantee, which enshrines every person’s right to life’s essentials.
Together we can end poverty in Britain, so we can all survive and thrive.