Living Wage Week 2022: More GM companies urged to offer fair compensation

Greater Manchester leaders are urging employers to pay their workers real living wages amid the cost of living crisis to help boost the economy.

Research has found that if just a quarter of those earning below the real living wage saw their wages rise to that level, increased wages, productivity and spending would bring £72million back to the economy of the region.

As households across the UK face a cost of living crisis and economic growth stalls, research shows how the Real Living Wage can help solve both while supporting a high-growth, low-wage economy students.

The actual living wage is £10.90 an hour outside London, according to the Living Wage Foundation.

Companies that adopt the real living wage report a range of short- and long-term benefits, including an improved ability to attract and retain staff, improved employer branding and improved staff morale.

The research was commissioned by the Living Wage Foundation and conducted by the Smith Institute, Local Living Wage Dividend

This comes as Living Wages Week 2022 begins today, Monday.

Greater Manchester Mayor Andy Burnham said: “In a cost of living crisis, the campaign for fair pay is more vital than ever.

“But paying the real living wage isn’t just the right thing to do for workers – it benefits businesses, helps them attract and retain staff, and also boosts our economy. When wages are higher, people have more money to spend in their local economy, spurring growth that benefits everyone.

“Living Wage Week is an opportunity to celebrate the progress we have made and look forward to the challenge ahead. We remain committed to ensuring that everyone working in Greater Manchester receives a fair wage for a fair day’s work.

Improving employment standards in Greater Manchester is being driven by the Good Jobs Charter, a voluntary membership and assessment scheme. Membership is based on a series of criteria, including payment of the actual living wage.

Since being named the UK’s first living wage city-region during last year’s Living Wage Week, Greater Manchester has continued to make progress towards the goal of all jobs paying the wage real vital by 2030.

The number of employers offering a living wage in Greater Manchester now stands at 530, an increase of more than a third since the last living wage week. The region was recognized as a pioneer of the Living Wage movement at this year’s Living Wage Foundation’s Living Wage Champions Awards.

Cllr Bev Craig, Leader of Manchester City Council and GMCA Portfolio Manager for Economy and Business, said: ‘The movement for fair pay and good employment practice continues to gain momentum across the Greater Manchester.

“With an increasing number of businesses simply pledging to pay the real living wage, the movement is having an increasingly positive impact on the economy of our city-region, which in turn raises living standards. and prosperity for all.

“The Greater Manchester Good Jobs Charter is here to provide support to employers who want to commit to providing fair pay and better conditions to their staff. If you would like to get involved, contact the Charter team to find out more.

Lou Cordwell, Chairman of the Greater Manchester Local Enterprise Partnership (GM LEP), said: “This research complements everything we already know about the business case for paying real living wages. A fair wage is the foundation for building the kind of economic growth we want to see in Greater Manchester.

“Companies that adopt the real living wage enjoy a range of long-term benefits.

“It also helps businesses address some of the immediate challenges they face, such as gaining an edge in an increasingly competitive recruitment market.

“Most importantly, those with the lowest incomes benefit from a level of financial security, which helps them play a more active role in their local economy.”

Katherine Chapman, Director of the Living Wage Foundation, said: “Paying the real living wage is not only the right thing to do for workers, it’s also good for business and for the local economy at large. .

“In the midst of unprecedented economic times, paying the real living wage both tackles in-work poverty and provides a vital economic boost to the UK economy.

With the cost of living rising, it has never been more important for employers to step up and provide cost-of-living pay, joining over 11,000 living wage employers across the UK. United. By doing so, they will not only provide security and stability to their workforce, but they will also boost the local economy.

Michael A. Bynum