National Living Wage & The Real Living Wage – What’s the difference?
Thursday, March 2, 2023
The Living Wage Foundation was established in 2001 for all adults over the age of 18 to earn enough to have a standard of living based on the real cost of living. The Living Wage Foundation is voluntary and currently has over 11,000 accredited employers https://www.livingwage.org.uk/
Businesses commented that the advantage of implementing the Living Wage was the impact it has on the company’s brand reputation and the positive effect it has on employee relations along with the ability to attract quality recruits. For the current Living Wage and further information: https://www.livingwage.org.uk/what-real-living-wage
This should not be confused with the National Living Wage introduced by George Osborne in 2016. All workers in the UK are legally entitled to The National Minimum Wage or The National Living Wage. The National Living and Minimum Wage will increase in April this year. For current rates and further information: https://www.gov.uk/national-minimum-wage-rates
Not all businesses can compete on salary alone and offering flexible benefits will help to attract, retain and reward their employees. Offering greater flexibility is practical for many businesses from financial and operational, as well as recruitment, perspectives. Businesses are increasingly turning to different forms of flexibility to attract and retain staff, particularly where it isn’t feasible to compete on salaries in a high inflation, recessionary market.
For further information regarding current recruitment trends or assistance with any requirements, please contact Steve on 0207 078 1941 or Karen on 01993 778541.