The Living Wage foundation has announced that accredited living wage employers will now pay staff at least the new voluntary living wage rate of £8.25 per hour.
This contrasts the national minimum wage of £6.70 per hour, and the new minimum wage rate for over-25s of £7.20 per hour which comes into force next year.
There are now more than 2,000 official Living Wage employers across the UK, a figure double that of last year.
According to the living wage website:
“An independent study examining the business benefits of implementing a Living Wage policy in London found that more than 80% of employers believe that the Living Wage had enhanced the quality of the work of their staff, while absenteeism had fallen by approximately 25%.
Two thirds of employers reported a significant impact on recruitment and retention within their organisation. 70% of employers felt that the Living Wage had increased consumer awareness of their organisation’s commitment to be an ethical employer.”
Current high profile accredited Living Wage employers include Barclays, Nationwide and ITV.
Has your company signed up for the Living Wage? How has it affected your working life?