08 Apr 2024 / Uncategorized

Time Finance calls for businesses to join its commitment to the real Living Wage

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The first of April marks the biggest cash boost to the minimum wage for over a decade, with the “national living wage” increasing from £10.42 to £11.44 an hour, putting £1,800 a year directly into the pockets of full-time employees aged 21 and over.

But as the cost of living remains high, Time Finance is urging like-minded businesses to sign up to become an accredited partner of the Living Wage Foundation’s voluntary real Living Wage scheme.

Since October 2021, Time Finance has continued to support the real Living Wage initiative, which now sees minimum hourly rates sit at £12 across the UK, and £13.15 in London. The age threshold is also dropped under the accreditation to accommodate those aged 18 and over, whereas the National Living Wage usually sits at 21.

Laura Dun, HR Manager at Time Finance comments: “Creating an environment where personal and professional development is at the forefront, is an important part of Time Finance’s culture. We want to ensure that all employees feel valued and our pledge to the real Living Wage is an important part of this commitment 

“We currently employ over 140 people across our four UK locations, and each employee makes a huge difference to our business. With our continued commitment to the Living Wage Foundation’s accreditation, we can lead by example and continue to put our employees at the heart of the business”

Katherine Chapman, Director of the Living Wage Foundation said: "The rise in the statutory National Living Wage from 1st April is welcome news for the 3.7 million low paid workers across the country, but this still falls short of a wage which takes into account the real cost of living.

“Over the last few years of tough economic times, it has been heartening to see so many more businesses join the movement. As well as good for workers and their families, businesses that pay the real Living Wage report improved staff retention and productivity. We encourage other organisations who can, to make the Living Wage commitment too.”

The real Living Wage is the only UK wage rate that is based on the cost of living. It is voluntarily paid by over 14,000 UK businesses who believe that their staff deserve a wage which meets everyday needs - such as the weekly shop, or a surprise trip to the dentist.

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