The National Minimum Wage is the minimum pay per hour most workers in the UK are entitled to by law.
A scale applies depending on age and whether the employee is an apprentice.
Most workers aged 25 and older are entitled to the National Living Wage which is the highest statutory rate - currently £7.83 per hour. This will rise to £8.21 in 2019/2020.
Aside from statutory requirements for employers as detailed above, the Living Wage Foundation have established an hourly rate which they claim aims to improve the living standards of low and middle income families.
This is based on their assessment of the cost of living. Although not mandatory, 4,700 employers have chosen to adopt the living wage figure and commit to the adjustment to this higher hourly rate.
The UK Living Wage is £8.75 per hour and the London Living Wage is £10.20 per hour.
The Living Wage Foundation claim that 86% of employers reported that adopting this higher payment standard enhanced their general reputation and that 80% of employers saw an increase in the quality of their work.
Companies who are accredited by the voluntary Living Wage Foundation include Nestle, KPMG, Aviva, Nationwide and IKEA.
Macarthur Denton Asset Management are a Living Wage employer.
This entry was posted on November 14, 2018