What is the Living Wage?
- An hourly rate set independently by Loughborough University and updated annually.
- The Living Wage is calculated according to the basic cost of living in the UK. It is designed to provide sufficient income for a person to have a minimum acceptable standard of living with less reliance on benefits.
- The Living Wage is currently £8.25/hour outside London. (The current minimum wage is £6.70/hour).
- Employers choose to pay the Living Wage on a voluntary basis.
- Living Wage enjoys cross party support, with public backing from the Prime Minister and the Leader of the Opposition.
- Paying the Living Wage is good for business, good for the individual and good for society.
Living Wage Norwich
At present, at least 25% of employees in Norwich are paid less than Living Wage. John Hare, a Living Wage Norwich trustee has carried out national research showing that the adoption of the Living Wage has many benefits for employers as well as employees. A presentation and paper with more information from the Norwich Trades Council can be viewed here.
Living Wage Norwich exists to raise the pay of employees in the Greater Norwich area to at least the Living Wage.
What are the benefits?
Good for Business
- Reduction in staff turnover and sickness rates;
- Reduction in absenteeism;
- Enhanced quality of work;
- Improvement in staff morale and productivity;
- Significant improvement in recruitment and retention of staff;
- Increased willingness of employees to implement changes in working practices;
- Turnover of contractors reduced;
- Good publicity for business as an ethical employer.
Good for the individual and the family
- Living Wage affords people the opportunity to provide for themselves and their families;
- Employees would no longer have to rely on benefits or working excessive hours;
- Employees should be able to reduce debt and reliance on pay day lenders.
Good for Society
- Living Wage would reduce the burden on the taxpayer by reducing the funding required for benefit payments to people in work;
- Living Wage would help establish a virtual circle of higher pay, spent locally, stimulating growth in the local economy;
- Living Wage would foster a sense of pride in the City in looking after the well being of its citizens.