By Victoria Roberts
COMMITTING to the ‘real living wage’ of £10.90 an hour is a path to “happy and thriving” staff and an example for the wider business community, according to a new Living Wage Employer.
Digital creative agency Yoyo Design earlier this month announced its commitment to the wage scale, which is nearly 5 per cent above the Government-set National Living Wage of £10.42 for those aged 23 and older.
CEO Jenny Kitchen said: “We believe that our team deserves more than just a pay cheque – they deserve the peace of mind that comes with knowing they can meet their basic needs and support their families.
“The cost of living is affecting so many people, so through salaries, profit-share and one-off, cost-of-living payments, we aim to support our team as much as possible,” she added.
The firm also hopes to model good pay in the local community, said Ms Kitchen.
“By setting a positive example, we hope to inspire other businesses in our industry and beyond to join us. Together, we can work towards reducing income inequality and creating a more equitable society.”
Yoyo is also working toward reducing its gender pay gap – currently at 5 per cent compared to an industry average of 14 per cent.
And it limits the pay difference between the lowest-paid and highest-paid team members to five times the salary, instead of a difference of 20 times the salary on average.
“We continue to commit to raise our base level salaries, as well as the salaries for the rest of the team,” she added.
The Living Wage Foundation is due to announce dates for the new dates for the 2023-24 Living Wage rates soon, at: livingwage.org.uk