[Re: Inflation accelerates to 30-year high, yesterday]
With this sharp rise of inflation, it’s even more concerning that wages are not matching the accelerating cost of living. Every worker deserves a living wage – to earn enough to support their family and meet their basic needs.
A living wage is critical for supporting decent work and sufficient income for all workers, helping to lift and keep people out of poverty. The UK is not exempt from this issue. Our national living wage must match up with estimated costs of living and inflation.
A living wage is a cornerstone of economic growth and development – paying and supporting a living wage throughout an organisation’s supply chain contributes towards several of the United Nations’ Sustainable Development Goals. Businesses can play a powerful role in supporting workers and communities by paying a living wage and enabling their suppliers to do the same, which in turn encourages supply chain resilience through supporting healthier and more economically stable workforces.
Businesses must take stock and gather accurate, up-to-date information to understand workers’ experiences across their supply chain.
Global figures show that for every $1 a man earns, a woman typically earns just $0.63. Gathering gender-disaggregated wage data also provides businesses with an opportunity to drive equal pay, and ensure women – who are particularly vulnerable to lower pay – are appropriately and fairly rewarded for their work.