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News - 3 November 2014

New rise in living wage

The national minimum wage is set by the chancellor each year on the advice of the Low Pay Commission. It is enforced by HM Revenue & Customs (HMRC).

The Living wage is an informal benchmark, not a legally enforceable minimum level of pay. It is currently calculated by the Centre for Research in Social Policy at Loughborough University, while the London living wage has been calculated by the Greater London Authority since 2005.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“It is calculated that about 35,000 people are set to benefit from a 20p rise in the UK living wage, but more than five million people are still earning below its hourly basic rate of £7.85. The number of companies signed up to pay the living wage has more than doubled this year. They include firms like Google, Barclays, food giant Nestle, Standard Life, the National Portrait Gallery, as well as many local councils and charities.”

Campaigners have targeted chains like Ritzy Cinema, Tesco and Amazon for not signing up. However, the argument from large companies and many small businesses is that, given the UK's sluggish economy, they would struggle to pay more than the minimum wage of £6.50 an hour.

The basic idea is that these are the minimum pay rates needed to let workers lead a decent life.

If you need any help and advice on Business Financial Planning and Development, don’t hesitate, contact Lavinia Newman, Stuart Coleman or Liz Kennett NOW to discuss how ABDS can help in all your Business planning.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business
 

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