Eclipse Magnetics is delighted to announce that it has received accreditation as a Real Living Wage employer by the Living Wage Foundation. This reflects the company’s commitment to providing fair pay and improving the lives of its employees.
What Is The Real Living Wage?
The Real Living Wage is an independently-calculated hourly rate of pay based on the cost of living in the UK. The Living Wage Foundation recommends that employers pay this rate to all employees over 18 – regardless of whether they are part-time, casual or temporary workers.
Currently, the rate for 2022-23 is £10.90 per hour outside London and £11.95 per hour in London. This is reviewed on an annual basis, with accredited employers then given up to six months to implement the new Real Living Wage.
How Is The Real Living Wage Different From The National Living Wage?
You might have heard of the National Living Wage. This is currently set at £9.50 an hour for employees aged 23 and over. However, this does not accurately reflect the cost of living in the UK, and there is no allowance for the increased cost of living in London.
The Real Living Wage is based on the cost of living and therefore better reflects what people need to live in the modern world. For example, a full time employee receiving the Real Living Wage would earn £2,730 a year more than an employee receiving the government’s National Living Wage. This shows the difference that this accreditation makes.
By paying the Real Living Wage, employers show their commitment to ensuring that their employees can make ends meet, rather than just meeting the minimum legal requirement for pay.
Why Is Eclipse Magnetics Committed To The Real Living Wage?
Eclipse Magnetics is committed to providing a fair and living wage for all employees. We believe that our staff are the backbone of our business, so we want to ensure they receive a salary that reflects the cost of living in the UK today.
Managing Director Steve McAllorum said: “We are delighted to have received accreditation as a Real Living Wage employer. Our people are what makes our business successful, and we want them to thrive. We are proud to be part of the growing movement of employers who have pledged their support for the Real Living Wage and hope that other employers will join us in supporting this important cause.”
Looking To The Future
Eclipse Magnetics is dedicated to providing a fair and living wage for all employees, now and into the future. As we face new challenges in the post-Covid landscape, we are determined to continue our efforts towards fair pay and creating an equal and positive workplace for everyone.
We look forward to continuing this journey to ensure that our workplace is a great place to be, and that our employees receive the recognition that they deserve. Together, we can make a lasting difference and help to make the UK a fairer, more equitable place for all.