London's iconic Borough Market has become the 2,500th Living Wage Employer; an incredibly exciting milestone for the Living Wage movement.
Welcoming Borough Market to the network, Living Wage Foundation Director, Katherine Chapman, said:
Having an iconic London employer like Borough Market join the Living Wage movement is brilliant - especially for the London families that started the Living Wage campaign in 2001 - as it shows that more and more employers are recognising that investing in people and paying a fair days wage is the right thing to do. We are thrilled to reach the target of 2,500 accredited Living Wage employers. This is a wonderful milestone for the Living Wage campaign and I hope it's the start of other such iconic markets and eventually their traders signing up as Living Wage employers. As an accredited employer Borough Market joins other household names like Ikea and Nationwide as well as local butchers, bakers and candlestick makers across the UK!
Borough Market Trustees chairman Donald Hyslop said:
Borough Market strongly advocates a more sustainable approach to food production, which means looking closely at things like farming methods, animal welfare and waste disposal - but it's also about valuing people. For a business to be truly sustainable, it is imperative that it respects and nurtures the talents of its staff, and one of the key elements of that is paying them a fair wage. As trustees, we are responsible for ensuring that this historic market continues to thrive long into the future, and we believe that this accreditation is an important step.
The Living Wage Foundation is delighted to be working with a number of Living Wage accredited traders in Borough Market too, including Cannon & Cannon, the UK's first Living Wage accredited butcher!
You can find out more about Borough Market's Living Wage commitment here.
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Notes to editors
- The Living Wage is calculated according to the basic cost of living in the UK and is updated annually. UK employers choose to pay the Living Wage on a voluntary basis.
- The current Living Wage rates are set at £8.25 nationally and £9.40 in London
About the Living Wage Foundation
The Living Wage is an hourly rate set independently and updated annually. The Living Wage is calculated according to the basic cost of living in the UK. Employers choose to pay the Living Wage on a voluntary basis. The Living Wage enjoys cross party support.
The London Living Wage is currently £9.40 per hour. This figure is set annually by the Greater London Authority and covers all boroughs in Greater London. The UK Living Wage for outside of London is currently £8.25 per hour. This figure is set annually by the Centre for Research in Social Policy at Loughborough University.
The Living Wage Foundation recognises and celebrates the leadership shown by Living Wage employers across the UK. There are now 2,500 accredited employers. We are an initiative of Citizens UK. We believe that work should be the surest way out of poverty.
What about the Government's 'national living wage'?
In July 2015 the Chancellor of the Exchequer announced that the UK Government will introduce a compulsory 'national living wage'. This new government rate is a minimum wage premium rate for staff over 25 years old, introduced from April 2016 at a rate of £7.20 per hour. The rate is separate to the Living Wage rate calculated by the Living Wage Foundation. The Government rate is based on median earnings while the Living Wage Foundation rate is calculated according to the cost of living.
The National Minimum Wage
(including the 'national living wage')
The Living Wage
The legal minimum an employee can earn in an hour. Employers break the law if they fail to pay this rate
A voluntary rate that employers' commit to pay in order to go above and beyond. The Living Wage Employer Mark is a sign of best practice
The 'national living wage' rate will be £7.20 an hour
The current UK Living Wage is £8.25 an hour.
The current London Living Wage is £9.40 an hour
This will increase each year, with the aim of reaching 60% of the median wage across the country by 2020 (this would mean around £9 an hour but the Low Pay Commission will consider what the market can bear)
This will increase in line with the cost of living with increases announced in Living Wage Week every year
Different rates apply depending on the age of the employee. The 'national living wage' is for over 25s only
The Living Wage is the same for all employees over the age of 18
Set by the Low Pay Commission
Set by the Living Wage Foundation
Based on an estimation of what the market can bear
Based on the cost of living
The rates are the same right across the UK
There is a separate rate for London to reflect the higher cost of living in the Capital