The Ci
ty of London Corporation (CoL)
is an accredited Living Wage employer. The Living
Wage is
a
n hourly rate set inde
pendently and updated annually and
is calculated
according to the
bas
ic cost of living in the UK. There are two rates of Living Wage: one
for those based
in
Greater
London (Lond
on Living Wage) and another rate for
the rest of
the UK (UK Living Wage).
The current hourly rates
for
London Living Wage
and
UK Living Wage
can be
found on
the Living Wage Foundation website.
Employers choose to pay the Living Wage on a vol
untary basis as opposed to the
National Minimum W
age
and the National Living Wage which are
statutory obligation
s
.
Payment of the Living Wage has many advantages and these include:
?
Staff retention
?
Reduction in
absenteeism
?
Ethical employment practices
?
Reduction in poverty
affording
people the opportunity to provide for themselves and
their famili
es
For the CoL,
Living Wage employer a
ccreditation mean
s
t
he following
:
?
The City will continue to pay
the Living Wage
for all it’s directly employed staff.
?
The City will
ensure to the extent permitted by law that any of it’s
contractors or sub
–
contractors
pay London Living Wage
to those employees based in Greater London
and pay UK
L
iving
W
age
to those employees based outside Greater London. This
applies to employees providing a service to the City
involving
two
or
more
hours
of
work
in
any
given
day
in
a
week,
for
eight or
more
consecutive
weeks
in
a
year.
This
applies to contractors and sub
–
contractors providing services on our premises;
property occupied by the City; and land which the City is responsible for maintaining
or
on which it is required to work.
