Andy Bagnall comments on the Chancellor's increase in national minimum wage and national living wage.
Andy Bagnall, Director at KPMG, comments on the increase in national minimum wage and national living wage at the Budget by the Chancellor. He said:
“The increase in national minimum wage and national living wage is very welcome news for those on low pay, however businesses can still do more to help those employed earn enough to escape working poverty.
“The reality is that those at the bottom of the pay scale are really feeling the squeeze due to increases in the cost of living and decline in real pay. Paying the real Living Wage allows people to afford the basics they need. As employers we can take active steps to address this.
“Paying the real Living Wage 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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For further information please contact:
Nahidur Rahman, KPMG corporate communications
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 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.