The Living Wage commitment will see everyone working at COLtd, regardless of whether they are permanent employees or third-party contractors and suppliers; receive a minimum hourly wage of £8.25 – significantly higher than the national minimum wage of £6.70.
The Living Wage is an hourly rate set independently and updated annually and is calculated according to the basic cost of living using the ‘Minimum Income Standard’ for the UK. Decisions about what to include in this standard are set by the public; it is a social consensus about what people need to make ends meet. Employers choose to pay the Living Wage on a voluntary basis.
COLtd Chief Executive, Nick Gardham said: “Across England our members are working with individuals, families, and neighbourhoods who are facing enormous financial difficulties. With the cost of living rising it is crucial that we lead by example and ensure that we continue to champion the need to put money in the pockets of those families that need it most.”
Living Wage Foundation Director, Sarah Vero said: “We are delighted to welcome COLtd to the Living Wage movement as an accredited employer. The best employers are voluntarily signing up to pay the Living Wage now. The Living Wage is a robust calculation that reflects the real cost of living, rewarding a hard day’s work with a fair day’s pay. We have accredited over 2,000 leading employers, including COLtd, ranging from independent printers, bookshops and breweries, to well-known companies such as Nationwide, Aviva, and SSE. These businesses recognise that clinging to the national minimum wage is not good for business. Customers expect better than that.”
To find out more about The Living Wage, click HERE.