The City of London Corporation has launched a new campaign encouraging City firms to pay the London Living Wage. Posters promoting the campaign are coming to some of London's busiest tube stations including Euston, Victoria, Liverpool Street and Paddington.
The London Living Wage is currently £10.55 an hour. The national minimum wage is currently £7.83. That leaves a gap of £2.72 for London workers not currently on the London Living Wage. Cleaning and security staff are among those often affected, although we suspect many of those working in the food and drink industries in the City similarly do not make London Living Wage.
The campaign highlights the benefits of paying London Living Wage, which include staff retention, improved productivity, with staff feeling more valued, and a better reputation for the business.
Lola McEvoy, Head of Campaigns at the Living Wage Foundation, said:
The City of London Corporation is leading the way as an anchor of responsible pay in the Square Mile. But many financial services firms still don't pay their security staff and cleaners enough to live on, and we know much more can be done.
We believe this campaign can encourage more employers within the City to recognise that paying the London Living Wage is both good for their business, and the right thing to do.
A new London Living Wage is announced each November, and as part of this campaign, the City of London Corporation will update its own pay packets to coincide with the change, instead of the following April as it has previously done.