The Living Wage Foundation is pleased to announce that ITVET has accredited as a Real Living Wage Employer.
Their Real Living Wage commitment will see everyone working at ITVET, regardless of whether they are direct employees or third-party contracted staff; receive a minimum hourly wage of £9.30 in the UK or £10.75 in London. Both rates are significantly higher than the statutory minimum for over 25s of £8.21 per hour. The Real Living Wage is an hourly rate set independently and updated annually and is calculated according to the real costs of living. Employers choose to pay the Real Living Wage on a voluntary basis. The Real Living Wage enjoys cross-party political support.
Katherine Chapman, Director, Living Wage Foundation said: “We welcome ITVET to the Real Living Wage movement as an accredited employer. Responsible businesses across the UK are voluntarily signing up to pay the Real Living Wage now. The Real Living Wage rate is annually calculated to reflect the real costs of living. We are a movement of over 3700 UK employers who together want to go further than the government minimum to make sure all their staff earn enough to live on. We have lots of small businesses as well as big household names like; IKEA, Aviva, Chelsea and Everton Football Clubs and many more. These businesses recognise that the Real Living Wage accreditation is the mark of a responsible employer and they, like ITVET join us, because they too believe that a hard day’s work deserves a fair day’s pay.”
About the Living Wage Foundation
The Real Living Wage is an hourly rate set independently and updated annually. The Real Living Wage is calculated according to the basic cost of living in the UK. Employers choose to pay this wage on a voluntary basis. The Real Living Wage enjoys cross-party support. The UK Real Living Wage is currently £9.00 per hour. The London Living Wage is currently £10.55 per hour. This figure covers all boroughs in Greater London. These figures are calculated annually by the Resolution Foundation and overseen by the Living Wage Commission, based on the best available evidence on living standards in London and the UK. The Living Wage Foundation recognises and celebrates the leadership shown by Living Wage employers across the UK. There are currently over 3700 accredited employers. We are an initiative of Citizens UK. We believe that a hard day’s work deserves a fair day’s pay. We support responsible employers to voluntarily go further than the government minimum and pay the real Living Wage, to all their staff, so they can earn enough to meet the cost of living. We receive guidance and advice from the Living Wage Advisory Council. The Foundation is supported by our principal partners: Aviva; IKEA; Joseph Rowntree Foundation; KPMG; Linklaters; Nationwide; Nestle; Resolution Foundation; Oxfam; Trust for London; and Queen Mary University of London.
What about the Government’s national living wage?
In July 2015 the Chancellor of the Exchequer announced that the UK Government would introduce a compulsory ‘national living wage’. This new government rate is a new minimum wage rate for staff over 25 years old. It was introduced in April 2016 and the rate is £8.21 per hour. The rate is separate to the Real Living Wage rate calculated by the Living Wage Foundation. The government rate is based on median earnings while the Living Wage Foundation rate is calculated according to the cost of living.