Living Wage Employers by choice
What is the Living Wage?
Introduced in April 2016. The Living wage is a voluntary option which currently almost 4000 businesses in the UK choose to opt into and has resulted in over 150,000 employees being given a pay rise.
The Living Wage is the minimum wage rate for all staff over 25 years of age and is an income needed to cover basic living costs. It is an informal benchmark which is not legally enforceable, unlike the national minimum wage.
What are the business benefits of paying the Living Wage?
Some of the benefits of paying the Living Wage to your employees are that it improves the reputation of the business. It also increases motivation and staff retention, improves relationships between managers and staff.
It helps to differentiate from others in the same industry. So, although the outgoings on wages will be higher for the company, the returns that they see back should more than make up for any financial losses.