Guy Stallard, director at KPMG UK, comments on the new independently calculated Living Wage rates announced today by the Living Wage Foundation and the Greater London Authority.
Guy Stallard, director at KPMG UK, says:
“Today’s announcement will see a significant number of employees that work for a Living Wage accredited businesses get a pay rise. The increase is over 3 percent in London (£9.40 to £9.75) and over 2 percent nationally (£8.25 to £8.45) may seem like small change to some, but for many it’ll make a huge difference to their lives, helping to escape in-work poverty.
“With the cost of living higher than it’s ever been, the reality for many is that they are forced to live hand to mouth. Paying a Living Wage will save huge swathes of people being caught between the desire to contribute to society and the inability to afford to do so.
“As employers we can take active steps to address this, by paying the voluntary Living Wage. This also delivers real and tangible business benefits. In our own firm it has improved staff morale and driven a rise in service standards, improved the retention of staff and increased our productivity.
“It may not be possible or practical for everyone, but all organisations need to do what they can to address the problem of low pay. Of course, change cannot happen instantly, but making an initial assessment is an important first step.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a turnover of £1.9 billion in the year ended September 2014. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 162,000 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.