The United Kingdom Living Wage Essay

The United Kingdom Living Wage Essay

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A living wage, in public policy is defined as the minimum income that is requisite for a worker to be able to meet their basic wants and needs (Fairris, & Reich, 2015, p. 42). In addition to the definition mentioned above, activists in the field of living wage define it as a wage that is of equivalence with the poverty line for a family of four (Neumark, & Wascher, 2016, p. 13). On November 2016, the United Kingdom living wage rate was revised and set at £7.85 per hour, an increment from of 2,6 percent from that of the year 2013 and 21 percent higher than £6.50 per hour than the national minimum wage (Neumark, & Wascher, 2016, p. 13). According toNeumark, & Wascher (2016), this new set standard improves the rake away home pay for a projected multitude of 35, 000 workers who are lowly paid across the country by over 1000 living wage accredited.

The new living and minimum wage policies set out by the UK government attracts some costs and benefits for a majority of the companies and organizations across the nation. However, these policies have legal regulations and aims. According to Neumark, & Wascher(2016), the UK’s employers are shifting towards more flexible employment contracts while cutting down on the bonuses, overtime and other perks for the staff in order to mitigate the cost of the national living wage. The impacts of these policies are said to be felt disproportionately by the smaller firms for the trivial reasons that they employ close to 35 percent of the adult labor force in addition to about 52 percent of the minimum wage workers in the UK (Warhurst, Lloyd, & Dutton, 2015, p. 24). This Management report will explore the living and minimum wage policies in the UK, its aims, legal regulation, costs and benefits for B...


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...ent has resulted in improvement in employee morale and thus productivity since a worker feels important to the bank. It has enhanced and improved relationships of Barclays Bank with its stakeholders who include: the media, labor unions, shareholders, customers, politicians and even the employees themselves (Coulson, Andrea B and Bonner, James, 2015, p.20).
It has further decreased such unwanted issues as absenteeism, sick leaves, laziness in the workplace and even pilferage. The turnover of employees as significantly reduced as a result of these policies. It also improved mental stability, personal characteristics and attitudes of laborers towards the company as a whole. The company regardless of the increase in wage costs had a significant reduction in staff turnover costs and employees reported improvements in personal or work life (Queen Mary Universiy Of London).

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