The minimum wage should be set to the same value as the living wage (currently £14,458.50 based on 252 working days of 7.5 hours per day at £7.65), and automatically adjusted in line with that figure.
A new low-interest loan scheme would be introduced for employers who cannot afford to pay their staff a living wage. In return for money to top-up staff wages, companies must accept an open-books policy with HMRC, place a cap on dividends, and place a cap on maximum salaries.
@PaulJRobinson - over 9 years ago
I was thinking perhaps very small employers (less than 5 employees) should be exempt?
What's the rationale behind this one? Is this meant to be a temporary measure for companies that need to restructure in some way to meet an unexpectedly changing wage bill? Or a long term plan to effectively subsidise companies that can't afford to do business?
It's a way to offset the fear that having to pay a living wage will make some businesses unprofitable, by providing a temporary measure to allow them to adapt, yes. Definitely not long term.
I'm going to 👎 my own proposal, as I want to refine it slightly before it goes in.
The minimum wage should be set to the same value as the living wage (currently £14,458.50 based on 252 working days of 7.5 hours per day at £7.65), and automatically adjusted in line with that figure.
A new low-interest loan scheme would be introduced for employers who cannot afford to pay their staff a living wage. This is not a long-term scheme, but an interim measure to allow employers currently paying below this level to adapt to paying their staff a living wage. In return for money to top-up staff wages, companies must accept an open-books policy with HMRC, place a cap on dividends, and place a cap on maximum salaries.
The minimum wage should be set to the same value as the living wage (currently £14,458.50 based on 252 working days of 7.5 hours per day at £7.65), and automatically adjusted in line with that figure.
A new low-interest loan scheme would be introduced for employers who cannot afford to pay their staff a living wage. In return for money to top-up staff wages, companies must accept an open-books policy with HMRC, place a cap on dividends, and place a cap on maximum salaries.
The minimum wage should be set to the same value as the living wage (currently £14,458.50 based on 252 working days of 7.5 hours per day at £7.65), and automatically adjusted in line with that figure.
A new low-interest loan scheme would be introduced for employers who cannot afford to pay their staff a living wage. This is not a long-term scheme, but an interim measure to allow employers currently paying below this level to adapt to paying their staff a living wage. In return for money to top-up staff wages, companies must accept an open-books policy with HMRC, place a cap on dividends, and place a cap on maximum salaries.
This one has been adjusted from the original wording, and is just waiting for votes to approve it, so I'd rather not close it as dead. @PaulJRobinson, are you still a 👍 on here?
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@Floppy - over 9 years ago
This is phrased as a loan, as a benefit would violate state aid rules, probably. This might do as well, of course, need an expert opinion there. Also includes change from #223, as they are a prerequisite for this.