– Mayor should name and shame FTSE 100 companies that don’t pay the London Living Wage
– Over 160,000 Londoners are trapped in a cycle of low-pay work
– 70 companies on the FTSE 100 currently do not pay the London Living Wage
A new report is calling on the Mayor to help Londoners out of low-pay, and publish the names of the FTSE 100 companies in London that have not signed up to his London Living Wage program.
The report, “Rich City – Poor Pay: Ending the pattern of low pay in the Capital”, details the shocking increases in the numbers of low paid Londoners, and provides recommendations to help boost their pay progression.
The number of working-age adults in poverty in London has increased from 1.1 million to 1.4 million in the past decade. Working families were some of the worst affected with a 70 per cent increase of those in poverty.
Using current trends by the end of Sadiq Khan’s Mayoral term 30,000 more families in London will be receiving either Working Tax Credits or Child Tax Credit.*
Author of the report, London wide Assembly Member Andrew Boff, said;
“It is a travesty that over a million Londoners are working, but still in poverty.
“By the time Sadiq Khan’s Mayoral term is over there will be 30,000 more in-work families in poverty.
“The Mayor needs to build a targeted strategy that helps low-paid Londoners progress to higher wages, while also encouraging more businesses to pay the London living wage.
“There is no reason why some of the richest companies in Britain cannot pay their workers a living wage. The Mayor should be working to get every FTSE 100 company to pay the London Living Wage, and if need be, naming and shaming those who won’t.”
The report asks the Mayor to;
· Map low-pay hotspots across London, and target them with new apprenticeships.
· Work to provide business rate relief to businesses that pay the London Living Wage.
· Direct some of the new devolved adult education budget to low-pay hotspots.
· Lobby FTSE 100 companies, and subsequently publish the names of those firms that do not pay the London Living Wage.
The report has also found that making the London Living Wage a requirement for all businesses would costs at least £1.15 billion per annum. The report suggests a more targeted approach that protects small businesses from the pressures of higher wages.
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