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News - 27 June 2014

Living wage should be a goal

 The chairman of the Living Wage Commission, Archbishop of York, Dr John Sentamu, has recommended that the government should pay its own workers a "living wage", and that they should make it a goal to cut the number of low paid workers by one million by 2020.

 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The commission is an independent body bringing together business, trade unions and civil society. Their definition of a living wage is is "an hourly rate of income calculated according to a basic cost of living in the UK and defined as the minimum amount of money needed to enjoy a basic, but socially acceptable standard of living".”
 
In 2014 the UK living wage rate stands at £7.65 an hour, and the London living wage is set at a higher rate of £8.80 per hour, to take account of the higher cost of living in the capital. By contrast, the national minimum wage currently stands at £6.31 an hour.
 
Archbishop Sentamu said that the government is the biggest employer of low-paid people, and so should look at pay levels during procurement, and that private sector companies that are capable should also pay.
 
"Working and still living in poverty is a national scandal," said Archbishop Sentamu.
"For the first time, the majority of people in poverty in the UK are now in working households.
 
Dr Adam Marshall, director of policy and external affairs at the British Chambers of Commerce, said many firms were returning to economic growth, looking at raising pay levels "after a tough period for business". But that "Some businesses simply cannot afford to pay a living wage just yet - which is why the commission rejected a compulsory living wage.
 
Mike Cherry, policy chairman of the Federation of Small Business, told the BBC: "At least half of our members pay at or above the living wage."
 
He said that some sectors such as retail, construction and care homes, can only afford to pay at or just above the minimum wage.
 
If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your Business planning.
 
ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net
 
Brilliant with numbers  
Great with people  
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals
 
Helping Your Business is Our Business

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