We are pleased to announce that Incomes Data Research has today accredited as a Living Wage Employer.
Our Living Wage commitment will see everyone working at IDR, regardless of whether they are direct employees or third-party contracted staff, receive a minimum hourly wage of £8.75 in the UK or £10.20 in London.
The Living Wage is estimated to be the level of hourly pay necessary for a minimum socially acceptable standard of living. It is voluntary and separate to the statutory National Living Wage, which for over 25s is currently £7.50 per hour.
The concept of a ‘living wage’ is straightforward but its calculation is much less so. Despite the popularity of the measures promoted by the Living Wage Foundation, the methodologies for setting the rates have until recently received little scrutiny. As an employers’ association with several Living Wage-accredited members and with many others following the rate, we looked into the methodologies and were surprised by what we found. Continue reading A guide to forecasting the ‘living wage’
The National Minimum Wage (NMW) and National Living Wage (NLW) are set annually by the Government based on recommendations from the Low Pay Commission. The table below sets out current and historical rates. The NLW, which was introduced in April 2016, applies to all staff aged 25 and over, while younger (non-apprentice) staff of at least school-leaving age are covered by the appropriate NMW rate for their age group. The apprentice rate applies to apprentices who are under 19 or in the first year of their apprenticeship. Apprentices who are 19 or over, or have completed their first year, are entitled to the appropriate minimum wage rate for their age. Continue reading this free article