The truth is we all lose out from the inequity of low pay. Billions of pounds are spent each year on topping up the incomes of low paid workers at a time when public finances are very tight. Demand is sucked out of the economy by the lack of spending power of a fifth of the workforce. And where inequality grows, we all become diminished. It makes us all poorer.
But amidst this darkness, some light has begun to shine through, and many of you are part of that light, as you have embraced the principle of paying a Living Wage. Over 1,000 employers ”“ from Local Councils, to small and large private businesses, are now accredited by the Living Wage Foundation. The number of Living Wage Employers in the FTSE 100 has risen from four to 18.
I would like to thank you, and the other organisations here that not only support work on the Living Wage but are also accredited themselves. You are leading the way for responsible employers.
The other good news we heard recently is that the Living Wage has now been increased by 2.6%, in line with the actual cost of living.
But there is still a long way to go….
Read it all.
The Archbishop of York's Address at the CBI 2014 Growth For All Conference
The truth is we all lose out from the inequity of low pay. Billions of pounds are spent each year on topping up the incomes of low paid workers at a time when public finances are very tight. Demand is sucked out of the economy by the lack of spending power of a fifth of the workforce. And where inequality grows, we all become diminished. It makes us all poorer.
But amidst this darkness, some light has begun to shine through, and many of you are part of that light, as you have embraced the principle of paying a Living Wage. Over 1,000 employers ”“ from Local Councils, to small and large private businesses, are now accredited by the Living Wage Foundation. The number of Living Wage Employers in the FTSE 100 has risen from four to 18.
I would like to thank you, and the other organisations here that not only support work on the Living Wage but are also accredited themselves. You are leading the way for responsible employers.
The other good news we heard recently is that the Living Wage has now been increased by 2.6%, in line with the actual cost of living.
But there is still a long way to go….
Read it all.