The living wage has been increased by 20c to €11.90 an hour by the living wage technical group.
The group is made up of researchers and academics and is conducted by the Vincentian Partnership for Social Justice (VPSJ).
The living wage is a recommended wage for what the authors said was an acceptable standard of living.
It is not legally binding, but a number of employers have committed to paying it.
The change to the rate is determined by the fluctuation of living costs and taxation.
The technical group said that it was being increased because of housing costs and rent rises.
It said that if housing costs had not risen to such a degree, the living wage rate would not have increased as the food, clothing, health insurance and transport costs all fell in 2018.
Speaking on RTÉ's Morning Ireland, a member of the technical group said that increase, if implemented, would give workers an extra €400 per year.
Dr Micheál Collins said international evidence showed the living wage does make a difference for both workers and those who employ them.
He said: "What we see is gains to employees, obviously in terms of higher income, and more so in terms of stability for them in terms of income. The living wage isn't particularly generous, but it does ensure that people can pay the bills and have a basic standard of living.
"And we also know there are benefits for employers as well in terms of staff retention and reductions in terms of turnover and the associated costs there as well."