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
Foreign workers dispute part two
The emergence of another "floating hotel" to house workers from Poland, Lithuania and Portugal is today set to reignite the row over foreign workers in the UK. Energy giant E.ON has shipped in significant numbers of foreign workers to assist with the building of a new gas-fired power plant in Kent and there are rumours that UK workers are being excluded from the project.
The Unite U...
Do budget cuts really impact low-income families the most?
While in many ways the coalition government is damned if it does and damned if it isn't with regards to taxation and budget cuts, there is growing concern that budget cuts already announced have impacted upon low-income families far more than those on higher incomes. In monetary terms the difference in income for those in low-income households may be only a fraction of those on higher incomes, but...
Read MoreSome luxuries escape the UK recession
A report today suggests that while the recession continues to hit consumers in the pocket there are certain areas of consumer spending which remain ring fenced despite the recession. It would appear that underwear, alcohol, pets and beauty treatments are still very high on the list of must have items for UK consumers. This is yet another indication of the "luxury spending" which many consumers...
Read MoreMichael Martin under pressure to leave the House of Commons
For the first time in over 300 years there is intense pressure on the current Speaker of the House of Commons, Michael Martin, who has had his authority severely dented over the last few days. His handling of the MP's expenses debacle has received widespread criticism across all political parties and today saw a number of MPs step forward, contrary to popular parliamentary tradition, calling for t...
Read MoreRail travellers face 5.8% ticket hike
Rail travellers in the UK are now staring at a potential 5.8% ticket increase in January 2011 due to the current formula in place. Despite the fact that most focus over the last few days has been on the consumer price index, rail companies are indeed allowed to use the retail price index as the basis for any ticket increases and top this up with a one percentage point increase over and beyond the...
Read More