Anneliese today visited Living Wage employer Legal & General to learn about the positive impact that paying a Living Wage has had on their business.
The Living Wage is an hourly rate that is calculated to match the basic cost of living in the UK. Although the minimum wage brought in by the last Labour government went a long way towards giving economic security to those on lowest pay, it remains the case that if you are working full time in a minimum wage job, you will not earn enough to cover basic living costs.
Anneliese said: “I strongly support Living Wage Week and the campaign for a Living Wage. No one should be forced to work two or three jobs just to have enough money to live on. I’m pleased that Ed Miliband has announced that a future Labour government would introduce 'make work pay' contracts to incentivise firms to pay the Living Wage.”
Research has shown that the Living Wage is not just good for families, but also good for businesses – 80% of Living Wage employers surveyed felt that the quality of the work done by their staff had improved after they started paying the Living Wage. Employers have also benefited from an average fall in absenteeism of 25%, improved employee retention rates and fewer customer complaints.
The Living Wage is also good for the taxpayer, with a report by the Joseph Rowntree Foundation highlighting that the implementation of the Living Wage could boost the UK’s finances by as much as £11.4 billion through higher income tax payments and lower spending on benefits and tax credits.
As an employer herself Anneliese is proud to pay every member of her staff at least the Living Wage.