London's mayor has announced a rise in what's called the London Living Wage, suggesting that any companies that have signed up to the scheme pay their staff £9.40 an hour so they may perhaps, one day, afford to buy part of the equity in a converted garage in Orpington.
That's around a 2.7 per cent pay rise for anyone who's working for one of the 724 companies that are now registered with the scheme, taking pay up from £9.15 to £9.40 per hour to reflect the higher costs of living for those housed and working among the second and third homes of the international super-rich.
Announcing the upgrade, the mayor explained: "As our economy continues to grow and employment in London increases, it is essential all hardworking Londoners receive a fair share of the proceeds of the capital’s success. I have long argued that those companies that can afford to pay the London Living Wage should do so because there are clear benefits for employers in increasing productivity and reducing staff turnover, while it makes a real difference to the quality of life for employees."
Sarah Vero from the Living Wage Foundation said: "The difference between this rate and the new minimum wage premium for over 25s of £7.20 is stark. Hard working Londoners are the capital’s life blood, they need a wage that respects the contribution they make to this great city." [Living Wage Foundation]