Innotech has today been accredited as a Living Wage Employer. Their Living Wage commitment will continue to see everyone working at Innotech receive a minimum hourly wage of £10.90 in the UK, higher than the government minimum for over 23s, which currently stands at £10.42 per hour.
Innotech is based in the East Midlands, a region where over 13.3% of workers earn less than they need to get by, with over 251,000 jobs paying less than the real Living Wage. Despite this, Innotech has committed to pay the real Living Wage and deliver a fair day’s pay for a hard day’s work.
The real Living Wage is the only rate calculated according to the costs of living. It provides a voluntary benchmark for employers who wish to ensure their staff earn a wage they can live on, not just the government minimum. Since 2011 the Living Wage movement has delivered a pay rise to over 450,000 people and put over £2 billion extra into the pockets of low-paid workers.
Derek Shedden, MD at Innotech, said “We wouldn’t be where we are today if it wasn’t for our people. And our remuneration policy has always been underpinned by the belief that fair pay always shows in our results through a loyal, motivated and positive workforce.”
Katherine Chapman, Director, Living Wage Foundation, said: “We’re delighted that Innotech has joined the movement of over 12,000 responsible employers across the UK who voluntarily commit to go further than the government minimum to make sure all their staff earn enough to live on.
“They join thousands of small businesses, as well as household names such as Burberry, Barclays, Everton Football Club and many more. These businesses recognise that paying the real Living Wage is the mark of a responsible employer, and they, like Innotech, believe that a hard day’s work deserves a fair day’s pay.”
About the Living Wage
The real Living Wage is the only rate calculated according to what people need to make ends meet. It provides a voluntary benchmark for employers that choose to take a stand by ensuring their staff earn a wage that meets the costs and pressures they face in their everyday lives.
The UK Living Wage is currently £10.90 per hour. There is a separate London Living Wage rate of £11.95 per hour to reflect the higher costs of transport, childcare and housing in the capital. These figures are calculated annually by the Resolution Foundation and overseen by the Living Wage Commission, based on the best available evidence on living standards in London and the UK.
The Living Wage Foundation is the organisation at the heart of the movement of businesses, organisations and individuals who campaign for the simple idea that a hard day’s work deserves a fair day’s pay. The Living Wage Foundation receives guidance and advice from the Living Wage Advisory Council. The Foundation is supported by our principal partners: Aviva; IKEA; Joseph Rowntree Foundation; KPMG; Linklaters; Nationwide; Nestle; Resolution Foundation; Oxfam; Trust for London; People’s Health Trust; and Queen Mary University of London.
What about the Government’s national living wage?
In July 2015 the Chancellor of the Exchequer announced that the UK Government would introduce a compulsory ‘national living wage’. It was introduced in April 2016, originally applying for all workers over the age of 25, is currently £10.42 an hour and applies for workers over the age of 23. The rate is different to the Living Wage rates calculated by the Living Wage Foundation. The government rate is based on median earnings while the Living Wage Foundation rates are calculated according to the cost of living in London and the UK.