As a proud Living Wage Employer since 2016, Professional Office Supplies is once again delighted to show its support for Living Wage Week.
Starting Monday 11th November, Living Wage Week is an annual celebration of the Living Wage Foundation movement and the fantastic work it does campaigning for the message that a hard day’s work deserves a fair day’s pay.
This week also serves as an opportunity for the foundation to announce the new real living wage rates for 2020, revealed on Monday to be £9.30 across the UK and £10.75 in London.
How is this calculated?
The real living wage is independently calculated every year to meet the real costs of living. This is done through the use of a public consultation method called Minimum Income Standard (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.
This calculation is what differentiates the real living wage from the national living wage introduced by the government in April 2016. The national living wage is calculated as a percentage of median earnings, currently at 55%, aiming to reach 60% of median earnings by 2020.
The government national living wage is set at £8.21 and is only statutory for employees aged 25 and older. Meanwhile, the real living wage applies to all employees over the age of 18 and is set at £9.30 across the UK with a separate higher rate of £10.75 in London.
The real Living Wage rates are higher because they are independently calculated based on what people need to get by. By participating, an employer can ensure their employees earn a wage that meets the costs of living, not just the government minimum.
Professional Office Supplies Managing Director, Adrian McKenna, attended the Lanarkshire Living Wage Big Breakfast to celebrate the growth of the real living wage across Lanarkshire and had this to say following the event:
“Today’s breakfast further reminds us why we are proud to be a living wage employer. It is heart-breaking that, in 2019, 1-in-5 children in Lanarkshire live in poverty and, until all employers agree to pay at least the living wage, this will not improve. It is my firm belief that paying our colleagues a proper wage improves their overall morale and mental well-being, which in turn improves how well we perform as a business.
As a business owner, if it’s not your social ethos that convinces you to sign up, then maybe it will be the commercial gain – either way society and your local community will benefit overall.”
The event was also attended by Systems and Operations Manager, Sean Carroll, who added:
“It’s encouraging to have met and spoken with so many like-minded businesses and workers this morning. Sometimes it’s easy to forget how positive an impact something like the living wage can have on people’s lives and the wider community – spending time listening to some of the personal experiences of the business owners, and their employees, further underlines, to me, that implementing the living wage is one of the best initiatives we’ve introduced at Professional Office Supplies.”
If you would like to learn more about becoming a living wage employer, just click here.