Commenting on the Buckle Report proposals to raise the value of the National Minimum Wage and support the Living Wage as a voluntary standard, Marianne Fallon, partner and UK Head of Corporate Affairs, at KPMG, says:
“The proportion of people on low pay has climbed in recent years despite the cost of living also rising. The result is a situation where people struggle to afford the basics and this is a scenario which should be consigned to the history books, rather than be perpetuated as a twenty-first century reality.
“Fair pay is, after all, fair play. Organisations that can afford to do so should offer staff and suppliers a wage that is enough to live on. Doing so affords people the opportunity to improve their work-life balance as they are not forced to work longer hours or hold down more than one job.
We are pleased to see an increasing number and range of businesses and politicians across all UK parties support a Living Wage. A sensible review of the National Minimum Wage is also welcome, especially as it has fallen behind in real terms since the current level was set.
“Our own experience of offering a Living Wage has seen a rise in service standards and a fall in sickness costs. Not only is this good for individual morale, it’s better for business. Put simply, the cost of improving take home pay for the lowest earners will be outweighed by the benefits of improved engagement and enhanced productivity.”
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Notes to Editors:
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.