Living Wage


#1

Following on from this

Do you think if 30K is good enough for someone to get-by in London?
I am just curious because Monzo are living wage employer but not sure if the theoretical definition of London living wage is good in practical terms. I mean rent for a 1-bed apartment in Zone 3 would be around at least £1000 and then all the bills etc…

I am not criticising Monzo because I just had a look and 30K for this role seem pretty competitive, it’s a junior role and I am sure in an organisation like Monzo people will have the chance to grow.

30K after Tax and NI is about £1950/mo that’s if you don’t have a student loan and you are not paying into a private pension at all.


(Jack) #2

I can’t really comment on whether it’s good for London, one thing to point out though is that the job doesn’t specify it’s in London, so how don’t know if it does or doesn’t include extra for living in that location?

Great to hear that they are providing a competitive salary for the role though!


(Andy) #3

I don’t see why this job (or many jobs these days) would need to be based in London therefore London weighting wouldn’t apply. As @Jackcrwhitney says there’s no specific mention of it being London based.


#4

It’s also worth pointing out that if we are specifically talking wage/salary… Didn’t they say 30K was the mid ground of wage vs stock?

Perhaps the wage without any other benefits is 40K.


#5

I thought most people got automatically enrolled into company pension schemes these days?


(I'll flag any comment for 50p) #6

£30k whilst may be a living wage is certainly not going to get you anywhere

For starters you will not be able to get a property easily without having to show you have savings as to rent this flat is £1000 to pass a check most agents require you to earn 3 x the rent so £1000 x 12 x 3 = £36k so fail. If you do pass then bills would kill you

Take home would be circa £1,981.74 so travel and bills… I don’t see it tbh.


#7

Oh yeah with travel that’d be literally no money left over per month more than likely


#8

So is it good for someone outside of South East then? I have always lived in London so really not sure about the cost and incomes outside of M25.

True, but just wanted to keep it simple for discussion.

This is exactly what I thought while I was typing the original post. Recently rented and I was specifically told you need to be earning more than 55k for the apartment we wanted.


#9

I live in the south east (35 minute train from kings cross) and 30k for a junior role would be pretty good. You would be able to afford a small 1/2 bed home (if you had savings, easier still if you have a partner or friends to move in with) plus travel but you wouldn’t be raking it in at all. It’d be a modest living that’s for sure


(Jack) #10

Well put it this way, I live in South Wales and in Cardiff you can rent a 3 bed house for less than the flat posted above: 3 bed property to rent .
Living outside of London can be a lot cheaper / allow you to get more for your money.


#11

For the role advertised - Yes, 30K (forgetting about anything else), would be fantastic for a junior role such as this.

Let’s also remember that Monzo have said it is flexible in terms of location.

I personally see this as a fantastic opportunity for someone who has an interest in the FinTech space, who likes getting in front of customers, and being a brand ambassador for a very promising start up bank.


#12

In all of this conversation about salary, I think folk are forgetting other forms of remuneration, like share options.

I think this is one of the reasons why salary’s aren’t necessarily advertised - the total package could be much (much) greater if options mean that you share in Monzo’s success.

Now, everyone thinking of applying will need to balance out month on month cash flow with the potential for huge future benefit. But it’s a bit now nuanced than it might initially seem.

(This role isn’t for me, but if there was something at Monzo that was a perfect fit, I’d probably be looking for a salary that just covers my monthly outgoings, but to max out my options. Personal preference - others will have different views!)

[Edit, maybe I should have posted this in the other thread? :thinking:]


(Andre Borie) #13

Definitely not a living wage by London standards. Surviving wage maybe but not living.

I think folk are forgetting other forms of remuneration, like share options.

True, but on the other hand for this kind of junior position you’d expect mostly young people who don’t have much/any savings to live on to be able to wait until the stock options actually pay off, so cash would be a priority for them.


#14

What do Londoners class a “Living Wage” these days?


(I'll flag any comment for 50p) #15

Pay all bills, buy all food and still have money do things like go out etc.


(Eve) #16

I’m surprised at how expensive London is, I knew rent and transport were high but I didn’t think it was “£30k is barely enough to live on” high. Similar jobs like that in Manchester go for anywhere between £16-21k for a 9-5.

@/cookywook did say commuting would be possible, so perhaps you could travel into London maybe once a week or something and live somewhere cheaper!


#17

Sorry, I meant what level of salary - 40K?


(Andre Borie) #18

40k is what I would call living wage for London.


(I'll flag any comment for 50p) #19

Yeah I guess that would be suitable in most places


#20

Perhaps I’m far removed from the bubble that is London, but 40K for MOST junior roles would be phenomenal.

Senior managers outside of London barely get 40K!