Living Wage policy statement
The Young Foundation is an accredited Living Wage Employer.
The Living Wage is an hourly rate set independently and updated annually and is calculated according to the basic cost of living in the UK. There are two rates of Living Wage: one for those based in Greater London (London Living Wage) and another rate for the rest of the UK (UK Living Wage). The current hourly rates for London Living Wage and UK Living Wage can be found on the Living Wage Foundation website.
The Young Foundation voluntarily chooses to pay the Living Wage on a voluntary basis as opposed to the National Minimum Wage and the National Living Wage which are statutory obligations.
Payment of the Living Wage has many advantages, and these include:
- Staff retention
- Reduction in absenteeism
- Ethical employment practices
- Reduction in poverty affording people the opportunity to provide for themselves and their families
For The Young Foundation, being a Living Wage employer means adherence to the following commitments:
- We will continue to pay the Living Wage for all its directly employed staff.
- We will ensure (to the extent permitted by law) that our contractor and sub-contractor community pay London Living Wage to those employees, workers or the self-employed based in Greater London and pay UK Living Wage to those employees, workers or the self-employed based outside Greater London.