The Living Wage commitment will see everyone working at Magenta, regardless of whether they are permanent employees or third-party contractors and suppliers; receive a minimum hourly wage of £7.85 – significantly higher than the national minimum wage of £6.50.
The Living Wage is an hourly rate set independently and updated annually. The Living Wage is calculated according to the basic cost of living using the ‘Minimum Income Standard’ for the UK. Decisions about what to include in this standard are set by the public; it is a social consensus about what people need to make ends meet.
“Many of our clients, particularly facilities management service providers, are accredited as a Living Wage employers and we felt it was important that we also demonstrate our commitment to this. Receiving a wage on which you can afford to live is a fundamental human right” says Magenta’s MD Cathy Hayward.
Employers choose to pay the Living Wage on a voluntary basis. The Living Wage enjoys cross party support, with public backing from the Prime Minister and the Leader of the Opposition.
Living Wage Foundation Director, Rhys Moore said: “We are delighted to welcome Magenta to the Living Wage movement as an accredited employer. “The best employers are voluntarily signing up to pay the Living Wage now. The Living Wage is a robust calculation that reflects the real cost of living, rewarding a hard day’s work with a fair day’s pay.
“We have accredited over 1,500 leading employers, including Magenta, ranging from independent printers, bookshops and breweries, to well-known companies such as Nationwide, Aviva and SSE. These businesses recognise that clinging to the national minimum wage is not good for business. Customers expect better than that. ”