New London Living Wage figure announced
At a packed event held at Central Methodist Hall on May Day, our Chief Executive, Bharat Mehta had the privilege of announcing the new London Living Wage which is set annually by the Greater London Authority. The new figure of £8.30 is a 5.7% increase on 2010 and is the largest increase since its introduction - reflecting the rising cost of living and changes to the benefits and tax credits system. The new rate was publicised in advance of the most current GLA report, A Fairer London: The 2011 Living Wage in London which highlights that 1 in 10 of full-time and 4 in 10 part-time workers are not paid the London Living Wage.
The event organised by London Citizens marked 10 years of the London Living Wage campaign. We have supported this since its inception and in 2008 we invested a further £1 million into this work. On the stage, living wage 'heroes' including KPMG, Queen Mary University of London and Trust for London were recognised for their contribution. A highlight of the event was the launch the Living Wage Foundation (funded by ourselves) which will provide accreditation and resources for employers wishing to pay a living wage and to encourage more employers to adopt a living wage. Campaign organisers also announced the first retail chain, Lush, to sign up as a living wage employer.
As part of the event, Fair Pensions also launched its campaign to persuade FTSE 100 companies to adopt a living wage. As the principal funder of the London Living Wage campaign, we were a key signatory to a letter sent to the CEOs of the FTSE 100 companies inviting them to become Living Wage employers. Signatories from a range of asset investors have also signed the letter including LankellyChase Foundation, Sigrid Rausing Trust, Joseph Rowntree Charitable Trust and the United Reform Church.
Further information on the London Living Wage special initiative can be found here.