Since 2017, the figure has been overestimated because of an error in how the Isle of Man Living Wage was calculated, according to the treasury minister.
The figure had been overstated by between 80 p and 1.24 each year since its introduction, due to the mix-up.
The wage was initially calculated as 8.61 in 2017 when a mistake was made by the cost of having a child in the family.
It was replicated in each subsequent years' figures, which many Manx employers adopted to make sure their workers could afford a decent standard of living.
The methodology was corrected before being published by Loughborough University, which will continue to check future calculations after being delayed by the discovery of the error.
As soon as we spotted this inaccuracy, Dr Allinson said businesses that felt damaged by overpaying staff should contact the Cabinet Office, which would deal with them on a case-by-case basis.
The latest Living Wage figure was calculated before inflationary pressures started to build, and plans to alter it in the short-term have been ruled out, he said.
He said that the government wanted to maintain confidence that it was a statistical, not a political calculation, and other measures were being used to address rises in the cost of living.
In the year 2026, Tynwald voted to increase the minimum wage, currently set at 9.50 an hour, to meet the Living Wage.
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