- Investors in People receives Living Wage accreditation for the first time
- Real Living Wage to rise to £8.75 and £10.20 in London
- New research published by KPMG showed that 5.5 million people across the UK are still paid less than the real Living Wage, that’s 1 in 5 workers, 21% of the UK workforce.
- 3600+ employers across the UK voluntarily match the Real Living Wage recommendation each year
This year Investors in People has joined up with the Living Wage Foundation’s annual campaign to raise awareness and understanding of what the real Living Wage is and why it should be paid to every single working person.
Receiving formal Living Wage Employer accreditation last week, Investors in People proudly stands with more than 3,600 other employers across the UK who have voluntarily opted-in to paying the real Living Wage. Each year this figure is adjusted to match independently calculated increases which meet the cost of living, a vital safeguard for quality of life against inflationary pressures.
The Beyond Pay report issued by Business in the Community in 2016 called for employers to focus on six key ways of improving the quality of low income employment: Pay & security, line management, communication, skills & progression, job design and cost of living support. This, coupled with the Taylor Review’s emphasis on decent pay as a cornerstone for fair employment, are powerful signposts to all organisations that paying the real living wage is the right thing to do.
At present, over 155,000 employees within Investors in People accredited businesses are benefiting from the real Living Wage. Although there is much to be done to encourage more organisations to become Living Wage employers, IIP’s statistic evidences a growing awareness across the Investors in People community that it isn’t enough to meet statutory pay requirements. Rather, pay must be great enough to ensure that employees can live without concern for whether they will meet the basic cost of living.
Paul Devoy, Investors in People CEO commented:
“We are proud to have formalised IIP’s status as a real living wage employer this year. For us it was an obvious step in ensuring our employees know that we’re committed to paying them a fair and decent wage. Following on from the recommendations of the Taylor Review, I want all organisations to understand that an inherent part of making work a force for good in the lives of employees, is providing them with a wage that allows them to live comfortably and with dignity. Paying the real Living Wage is the first step in creating equality and fairness across the UK workforce.”
Katherine Chapman, Director of the Living Wage Foundation said:
“Year-on-year, we see organisations and businesses across the UK embracing the real Living Wage as they recognise that a fair day’s pay is not only the right thing so to but can improve the quality of staff’s work, reduce absenteeism and increase motivation and retention.”
“This week’s increase acknowledges that the cost of living continues to rise for workers everywhere and the leadership shown by businesses who welcome this is a cause for celebration during Living Wage Week, sending a positive message to the business community to show what others can achieve.”
For more information about Living Wage Week go to http://www.livingwage.org.uk/living-wage-week
Notes to Editors
- Living Wage Week is a UK-wide celebration of the campaign for a real Living Wage that meets the cost of living and the network of Living Wage employers.
- It takes place each year during the first week of November. This year it runs from Sunday 5th November to Saturday 11th November. The new UK and London Living Wage rates are announced every year on the Monday and rates are announced simultaneously in cities around the UK whilst the London rate is announced by the Mayor of London.
- The calculation of the independent Living Wage rates is overseen by the Living Wage Commission, based on the best available evidence on living standards in London and the UK. The Commission was set up in January 2016 and is appointed by the Living Wage Foundation. It is drawn from leading Living Wage employers, trade unions, civil society and independent experts.
About Investors in People
Investors in People is the Standard for people management. The international Standard defines what it takes to lead, support and manage people well for sustainable results.
Investors in People works with thousands of top businesses across the world, from Allianz Insurance to Brompton Bikes. With a community of 10,000 organisations across 75 countries, successful accreditation against the Standard is the sign of a great employer, an outperforming place to work and a clear commitment to sustained success.
Based on a tried and tested framework and a rigorous process of assessment, organisations that meet the Investors in People Standard proudly display their accreditation to the world because they understand that it’s people that make the difference.
To find out more about Investors in People visit www.investorsinpeople.com
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