Did you know last week was Living Wage Week? You’ve probably heard about the living wage in the press recently, but what’s it all about and how could it affect you?
The Living Wage Foundation encourages employers to pay a living wage rather than the minimum wage as they ‘believe work should be the surest way out f poverty.’
An independent survey found that absenteeism fell by 25% when businesses introduced the living wage, and two-third of employers reported a significant impact on recruitment and retention in their organisations.
Would you be happy to pay the living wage rather than the minimum?
It could increase the level of commitment from your staff, and make them more flexible and open to necessary changes in the company. Over 15,000 families have been taken out of poverty due to the living wage.
Some fact provided by the Daily Telegraph and the Living Wage Foundation are:
- The living wage is calculated to reflect the basic cost of living and is based on the principle that work should pay enough to provide for the essentials of life.
- It is part of a campaign led by the Living Wage Foundation and Citizens UK.
- It is an entirely voluntary scheme for employers and the wage is updated every year.
- The Centre for Research in Social Policy at Loughborough University calculates the rate for workers outside London. The Greater London Authority calculates the rate for those in the capital.
- The latest annual calculation saw the wage rise by 25p from £7.20 to £7.45 for those outside London and from £8.30 to £8.55 for those in London.
- Living wage employers are expected to implement the new rate as soon as possible, and within 6 months of the announced rise.
Could your business benefit from the living wage? Can you afford to pay it?
Speak to Vincent & Co to discuss how you could be part of this and join the companies already contributing.