Full list of companies who pay real living wage as millions set for pay rise --[Reported by Umva mag]

IN a cost-of-living crisis where all our bills increasing dramatically, millions of households don’t get paid enough to live comfortably. But the good news is that over 15,000 employers have signed up to the Real Living Wage. This means that they voluntarily pay all of their workers more than the legal minimum level. Read on to find out how the Real Living Wage is calculated The Real Living Wage, which is calculated based on the cost of a basket of household goods and services, is £12 an hour outside of London and £13.15 an hour in the Capital. It’s supposed to be higher than the legal requirement as it factors in that actual costs are higher than this. By contrast, the government-set National Minimum Wage, the minimum pay-per-hour for workers aged between 18 and 21, is currently £8.60 an hour. Workers who are under 18 only need to be paid £6.40 an hour, as do apprentices. Once a worker turns 21, they legally have to be paid the National Living wage, which is £11.54 an hour. But this is still £1,092 a year less than a worker on the real Living Wage would earn, and £3,334.5 less than a worker on the London salary would get. How is the Real Living Wage calculated The rates are calculated annually by think-tank The Resolution Foundation and overseen by the Living Wage Commission, based on the best available evidence about living standards in London and the UK. It uses a public consultation method called MIS to inform the rate. MIS asks groups to identify what people need to be able to afford as a minimum. This is fed into a calculation of what someone needs to earn as a full-time salary, which is then converted to an hourly rate. Living costs are much higher in London than in the rest of the UK , which is why the London Living Wage is higher than the UK rate. Rent is the primary living cost that causes the differential between the two rates but it also takes into account childcare, travel costs, food and household bills. Who pays the Real Living Wage The Real Living Wage is not a government-set wage rate, so businesses don’t have to pay it. Any companies that are paying it do so voluntarily. The Real Living Wage Foundation says that there are over 15,000 Living Wage employers, including half of the FTSE 100, and household names such as Lush, Aviva, Timpson, Ikea and Liverpool Football Club. There are also thousands of small businesses that choose to pay it. The list of companies in the FTSE 100 that pay it are: 3i Group Admiral Group PLC AstraZeneca Auto Trader Aviva BAE Systems Barratt Development Barclays Beazley BP Burberry Convatec Croda Diageo Experian Glencore GSK Haleon Hargreaves Lansdown HSBC Informa Intermediate Capital Group (ICG) Intertek Legal and General Lloyds Banking Group London Stock Exchange M&G National Grid NatWest Group Pearson Persimmon Reckitt RELX Group Rightmove Sage Schroders SEGRO Plc Severn Trent Smiths Smith and Nephew SSE Standard Chartered Taylor Wimpey Unilever Unite Group PLC United Utilities Vistry Group Vodafone WPP If you want to find out whether a specific employer is signed up to the wage scheme, you can find out easily by typing the company name into the Living Wage Foundation search tool. How the legal National Minimum Wage and Living Wages are changing The Labour government is making changes to the way the national minimum wage is set, in a move that could see millions get a pay rise. It’s first step was to overhaul the remit of the Low Pay Commission (LPC). The changes mean that for the first time, the independent body will take the cost of living into account when it makes future recommendations to government on the minimum wage. In the election, Labour also promised to remove the “discriminatory age bands to ensure every adult worker benefits”. However, in July, the Business and Trade Secretary and Deputy Prime Minister instructed the LPC to narrow the gap between the minimum wage rate for 18–20-year-olds and the National Living Wage. The government said that this will be the first step towards achieving a single adult rate. Finally, the government promised to work with the Single Enforcement Body and HMRC and ensure they have the powers to ensure a genuine living wage is properly enforced, including penalties for non-compliance. So far, steps around this have not been announced. Chancellor Rachel Reeves said: “Economic growth is our first mission, and we will do everything we can to ensure good jobs for working people. But for too long, too many people are out of work or not earning enough. “The new LPC remit is an important first step in getting people into work and keeping people in wo

Sep 22, 2024 - 07:33

Full list of companies who pay real living wage as millions set for pay rise --[Reported by Umva mag]

IN a cost-of-living crisis where all our bills increasing dramatically, millions of households don’t get paid enough to live comfortably.

But the good news is that over 15,000 employers have signed up to the Real Living Wage.

This means that they voluntarily pay all of their workers more than the legal minimum level.

English cash notes in wallet — Read on to find out how the Real Living Wage is calculated

The Real Living Wage, which is calculated based on the cost of a basket of household goods and services, is £12 an hour outside of London and £13.15 an hour in the Capital.

It’s supposed to be higher than the legal requirement as it factors in that actual costs are higher than this.

By contrast, the government-set National Minimum Wage, the minimum pay-per-hour for workers aged between 18 and 21, is currently £8.60 an hour.

Workers who are under 18 only need to be paid £6.40 an hour, as do apprentices.

Once a worker turns 21, they legally have to be paid the National Living wage, which is £11.54 an hour.

But this is still £1,092 a year less than a worker on the real Living Wage would earn, and £3,334.5 less than a worker on the London salary would get.

How is the Real Living Wage calculated

The rates are calculated annually by think-tank The Resolution Foundation and overseen by the Living Wage Commission, based on the best available evidence about living standards in London and the UK.

It uses a public consultation method called MIS to inform the rate. MIS asks groups to identify what people need to be able to afford as a minimum.

This is fed into a calculation of what someone needs to earn as a full-time salary, which is then converted to an hourly rate.

Living costs are much higher in London than in the rest of the UK , which is why the London Living Wage is higher than the UK rate.

Rent is the primary living cost that causes the differential between the two rates but it also takes into account childcare, travel costs, food and household bills.

Who pays the Real Living Wage

The Real Living Wage is not a government-set wage rate, so businesses don’t have to pay it. Any companies that are paying it do so voluntarily.

The Real Living Wage Foundation says that there are over 15,000 Living Wage employers, including half of the FTSE 100, and household names such as Lush, Aviva, Timpson, Ikea and Liverpool Football Club.

There are also thousands of small businesses that choose to pay it.

The list of companies in the FTSE 100 that pay it are:

3i Group
Admiral Group PLC
AstraZeneca
Auto Trader
Aviva
BAE Systems
Barratt Development
Barclays
Beazley
BP
Burberry
Convatec
Croda
Diageo
Experian
Glencore
GSK
Haleon
Hargreaves Lansdown
HSBC
Informa
Intermediate Capital Group (ICG)
Intertek
Legal and General
Lloyds Banking Group
London Stock Exchange
M&G
National Grid
NatWest Group
Pearson
Persimmon
Reckitt
RELX Group
Rightmove
Sage
Schroders
SEGRO Plc
Severn Trent
Smiths
Smith and Nephew
SSE
Standard Chartered
Taylor Wimpey
Unilever
Unite Group PLC
United Utilities
Vistry Group
Vodafone
WPP

If you want to find out whether a specific employer is signed up to the wage scheme, you can find out easily by typing the company name into the Living Wage Foundation search tool.

How the legal National Minimum Wage and Living Wages are changing

The Labour government is making changes to the way the national minimum wage is set, in a move that could see millions get a pay rise.

It’s first step was to overhaul the remit of the Low Pay Commission (LPC).

The changes mean that for the first time, the independent body will take the cost of living into account when it makes future recommendations to government on the minimum wage.

In the election, Labour also promised to remove the “discriminatory age bands to ensure every adult worker benefits”.

However, in July, the Business and Trade Secretary and Deputy Prime Minister instructed the LPC to narrow the gap between the minimum wage rate for 18–20-year-olds and the National Living Wage.

The government said that this will be the first step towards achieving a single adult rate.

Finally, the government promised to work with the Single Enforcement Body and HMRC and ensure they have the powers to ensure a genuine living wage is properly enforced, including penalties for non-compliance. So far, steps around this have not been announced.

Chancellor Rachel Reeves said: “Economic growth is our first mission, and we will do everything we can to ensure good jobs for working people. But for too long, too many people are out of work or not earning enough.

“The new LPC remit is an important first step in getting people into work and keeping people in work, essential for growing our economy, rebuilding Britain and making everyone better off”.

When was the minimum wage introduced?

THE first National Minimum Wage was put in place in 1998 by the Labour government.

It originally applied to workers aged 22 and over, and there was a separate rate for those aged 18-21.

A separate rate for 16-17-year-olds was introduced in 2004, and in 2010, 21-year-olds became eligible for the adult rate of the National Minimum Wage.

The rate is set by the Government each year based on recommendations by the Low Pay Commission (LPC).

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