Economy

Thousands of workers to benefit as London Living Wage increases

Thousands of workers to benefit as London Living Wage increases”

The Government's national living wage, which replaced the minimum wage a year ago, is set at £7.50 for those aged 25 and over.

With almost 225,000 more women in work than last year, this year's data shows that just over one in four (26%) of female employees earn less than the real Living Wage, compared to 16%of all males.

Across the overall United Kingdom workforce, only 21% of people aren't paid the living wage, which has just been increased from £8.45 an hour to £8.75.

Real estate company, Colliers International has said that the introduction of the voluntary Real Living Wage will present a "challenge" to the hospitality sector.

The research, conducted by IHS Markit for KPMG, found that the total number earning below the real Living Wage is down slightly by 100,000 compared to past year, when an estimated 22% of all jobs and 5.6 million roles paid less than the real Living Wage.

Ikea firmly believes that people are at the heart of what makes the business successful. "We need to work together, and do right by our workers, ensuring all charities reliant on their grants are able to pay the real Living Wage". With those under the age of 25 entitled to an even lower rate - taking more money away from young people in our economy at the same time as their access to social security, including housing benefit being cut. This long term investment is based on our core belief that a team with good compensation will build a better experience for customers, in turn leading to more business success.

The Living Wage Foundation also revealed that Heathrow airport will become the first Living Wage airport. This goes beyond salary - as employers we have the responsibility to secure ethical employment standards and support a balanced, positive working life.

"With prices rising as a result of the Tories' disastrous Brexit and interest rates going up, the Tory UK Government should use this week to guarantee everyone a Real Living Wage, raising wages by almost £3,000 a year and helping to lift more working households out of poverty".

Little wonder, therefore, that four times as many respondents earning less than the real Living Wage indicated that their household finances had worsened as those that experienced an improvement in October 2017.

"Even though the number of people earning below the real Living Wage has slightly decreased, the reality is that those at the bottom of the pay scale are really feeling the squeeze due to increases in the cost of living and decline in pay".



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