A campaign is being launched today by the Corporation and the Living Wage Foundation, which includes posters being placed in nine of the busiest tube stations in London, to help the one in five people working in the capital that still don’t earn enough to live on.
There are more than 273,000 people employed in City financial and professional services jobs, and 9,490 financial and professional services firms, according to the City of London Corporation.
So far 155 business in the City have signed up to pay the London Living Wage (LLW).
Lola McEvoy, head of campaigns at the Living Wage Foundation pointed out that many financial services firms “still don’t pay their security staff and cleaners enough to live on”.
“We believe this campaign can encourage more employers within the City to recognise that paying the London Living Wage is both good for their business, and the right thing to do,” she added.
Catherine McGuiness, policy chair at the City of London Corporation said, “Our people are our City and they are the best investment we will ever make.”
Research from the Living Wage Foundation found that 93% of businesses felt they had gained as a business from paying LLW and 86% reported that it had improved their reputation.
Further to this, 76% of larger businesses (employing more than 500 people) reported enhanced employee retention while 78% said motivation had increased.
“Paying the LLW is good for business and good for society,” said McGuiness, but added that more importantly it would enable those working in the city “to provide for themselves and their families, giving employees a dignified life”.
Research last month found that financial services was the best paid sector in the UK, and the only sector in which more than half of employees earn more than £100,000 – over 20 times the average UK population.
Despite there being more than 32 million people in work across the UK, 5.5 million workers are being paid below the real living wage.