We are delighted to announce that Wellhouse Housing Association is now an accredited Living Wage Employer
What is the Real Living Wage?
The Real Living Wage is the only hourly pay rate based on the true cost of living. It is independently calculated each year based on living costs and accredited employers choose to go further by paying all their staff, including subcontracted staff, a real Living Wage. At the heart of the Living Wage movement is the simple idea that a hard day’s work deserves a fair day’s pay. In 2016 the government introduced a rise in the minimum wage for over 25s and called this new statutory minimum: The National Living Wage.
But there is still a gap between the amount all employers have to pay by law and the real Living Wage that meets the cost of living. That’s why thousands of UK employers have voluntarily committed to going further - because it’s fair. The real Living Wage recognises that under 25s have the same living costs as everyone else. There is a London rate reflecting the higher living costs in the capital. The London and UK rates are independently calculated every year and announced during Living Wage Week in November.
Only the real Living Wage is independently calculated each year based on what employees and their families need to live. It is an hourly rate that provides a benchmark for employers that voluntarily choose to ensure their staff earns a wage that meets their cost of living.
On becoming accredited, employers are awarded the Living Wage Employer Mark, a symbol of responsible pay. This mark is a badge of honour.
By displaying the Living Wage Employer Mark, employers can signal to others their commitment to paying a wage that is enough to live on.
Paying the Living Wage is good for business, good for the individual and good for society.
Why should employers pay the Living Wage?
By paying the real Living Wage employers are choosing to ensure their staff can earn a wage which is enough to live on. That basic fairness is at the heart of what the campaign is trying to achieve and why great employers choose to go further than the government minimum.
Many employers also report wider business benefits as a result of investments in staff pay.
The following are some of the findings from independently conducted research on employers who have introduced the Living Wage:
- 80% of employers believe that the Living Wage has enhanced the quality of the work of their staff.
- Improved loyalty and customer service. Fewer complaints.
- Absenteeism down by 25%.
- Improved retention rates and reduced HR costs. PwC found turnover of contractors fell from 4% to 1%. When turnover of contractor staff halved, KPMG saved £75,000 on one contract alone.
- 93% reported they had gained as a business after becoming a real Living Wage employer.
- 86% of employers report that Living Wage accreditation has enhanced their organisation’s general reputation as an employer.