Globally, “efficiency wages” are increasingly finding favour (the idea that employers who pay more than the going rate get more loyal and productive staff). In the UK, the Living Wage Foundation has blazed a trail in this area and in this article, Tess Lanning of the Living Wage Foundation argues why more employers should adopt the real Living Wage today.
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How can we tackle low pay and boost productivity? How do we ensure that the wages of all workers see the benefit of the economic recovery? This article by Conor D'Arcy of the Resolution Foundation considers the major themes, such as the productivity puzzle and minimum wage, of their recently published collection of essays 'Securing a pay rise'.
Some are calling for a big National Minimum Wage increase so that it more closely matches the living wage, but others claim this would have a catastrophic impact upon the employment rate. Who is right about the NMW? Hannah Price of Lewis Silkin LLP gives her view.
Politicians want a higher standard of living for all, with proposals to end low pay and get more money in more people's pockets. To do this, a range of policy initiatives are being debated that it's hoped will help people with the cost of living and raise living standards, but which will impact employers. This Lewis Silkin article explains the pros and cons of the policies.