National living wage increased
04/11/2013
The national living wage has been increased by 20p to £7.65 an hour, affecting more than 30,000 low paid workers.
More than 30,000 workers will likely receive a pay rise of up to £400 a year after the voluntary ‘living wage’ scheme has been increased by 20p per hour. Although the scheme is voluntary, over 400 employers have signed up to the scheme which Rhys Moore, director of the living wage foundation described as a “must have badge of honour for employers.”
As a result, this means that employers who are members of the scheme will have to adhere to paying a minimum of £7.65 an hour to their employees instead of the national minimum wage of £6.31 an hour. Additionally, the living wage has been increased by 25p in London to £8.80 an hour, giving further boost to low wage workers in the capital.
A selection of firms that have already signed up to the scheme include Oxfam, Legal & General and the National Portrait Gallery. Another member of the scheme, Barclays Bank released a statement through their employee relations director, Dominic Johnson, who was quoted as saying "Early research on the impact of the Living Wage for cleaners on Barclays' contracts shows our suppliers have a 92% retention rate versus an industry average of 35%."
Need Advice?
If you have any financial questions and need advice, contact our financial advisers for assistance.
Share this..
Related stories
Beware the latest council tax scam
It has been revealed that criminal gangs are targeting UK households up and down the country in the latest scam to obtain your bank account details. A number of UK residents have been approached about their council tax, by parties claiming to be connected with the local authorities. They are either informed that they have overpaid or underpaid their council tax and are being asked to give evidence...
Read MoreSainsbury's taken to court in packaging row
Supermarket giant Sainsbury's is today facing court action by trading standards officers from Lincoln in relation to obscure environmental laws which limit the amount of packaging which can be used when manufacturing and selling goods. The company is accused of breaking 2003 regulations which dictate the amount of packaging which can be used as authorities around the UK look to reduce waste, rubbi...
Read MoreWind farms in Scotland could be next growth sector
A report into the Scottish offshore wind industry has suggested that upwards of 28,000 jobs could be created over the next decade with income of over £7 billion generated. There is no doubt that Scotland is the one area of the UK, both onshore and offshore, which offers the most potential for both wind farms and other renewable energies and is something which the government in Scotland is looking...
Read MoreIs the broadband market now saturated?
Today saw the announcement of increased losses for the first quarter of 2009 from media giant Virgin Media. The company operates in the cable TV, broadband and telephone markets with the broadband operation leading the way over the last few years. Interestingly, there appears to have been a reduction in new customer numbers in the first quarter of 2009 compared to the first quarter of 2008. Whethe...
Read MoreUK energy sector sitting on client cash pile
A report by Moneysupermarket.com has confirmed that around 5 million UK gas customers are owed around £454 million in funds held on their account but as yet unused. This equates to an average of £89 per customer in the UK and while 20% have asked for excess funds to be repaid, this leaves a staggering £363 million unclaimed earning interest for UK gas supply companies. To balance the argumen...
Read More