Lodestone Communications are delighted to announce that the Living Wage Foundation has accredited them as a London Living Wage employer.
The London Living Wage commitment will see everyone working at Lodestone, including anyone enrolled in the Lodestone Internship Programme or working as a cleaner on-site; receive a minimum hourly wage of £9.75 – significantly higher than the national minimum wage of £6.95 and the new minimum wage premium for over 25s of £7.20 per hour introduced this April.
Strategic communications and public affairs consultancy, Lodestone, was founded 4 years ago by entrepreneurs and co-founders David Wild, Chairman; Martha Dalton, Managing Director; Fran O’Leary, Director of Strategy and Innovation; and Mike Parker OBE, Director. Lodestone currently advises organisations within the Energy, Property and Infrastructure, Higher Education, Food, FMCG, Defence, Health, Charitable and Third sectors and have advised on major M&A transactions for both listed and private companies.
Lodestone Managing Director, Martha Dalton commented: “I’m thrilled that Lodestone has been accredited as a London Living Wage employer and that we are able to make this announcement during Living Wage Week. We want to attract the brightest and best talent into our business and believe that everyone – including our interns – should earn a decent wage. We are proud members of the Living Wage movement and we’ll do our bit to encourage others to sign up.”
Living Wage Foundation Director, Katherine Chapman said: “It’s fantastic to welcome Lodestone to the Living Wage movement during this year’s Living Wage Week. We all know it’s expensive to live in London and by joining the 3,000 other businesses across the UK who are making sure that all their staff, including cleaners, can earn a wage that covers the cost of living, Lodestone are demonstrating the value and respect they have for their workers. We hope that this will inspire other communications and public affairs companies to sign up with the Living Wage Foundation.”
The Living Wage and London 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.
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.
About the Living Wage Foundation
The Living Wage Foundation is the organisation at the heart of the independent movement of businesses, organisations and people who believe that a fair day’s work deserves a fair day’s pay. We recognise and celebrate the leadership shown by the nearly 3,000 Living Wage employers across the UK who voluntarily commit to ensure their staff earn a real Living Wage that meets the cost of living. We are an initiative of Citizens UK.
Only the real Living Wage is calculated according to the basic cost of living in London and the UK. Employers choose to pay this wage on a voluntary basis. The real Living Wage applies to all workers over 18 – in recognition that young people face the same living costs as everyone else. It enjoys cross party support.
The London Living Wage is currently £9.75 per hour. This figure covers all boroughs in Greater London. The UK Living Wage for outside of London is currently £8.45 per hour. These figures are calculated annually by the Resolution Foundation and overseen by the Living Wage Commission, based on the best available evidence on living standards in London and the UK.
How is the real Living Wage different from the government’s National Living Wage?
In April 2016 the government introduced a higher minimum wage rate for all staff over 25 years of age inspired by the Living Wage campaign – even calling it the ‘National Living Wage’.
The government’s ‘National Living Wage’ is not calculated according to what employees and their families need to live. It is based on a target to reach 60% of median earnings by 2020. Under current forecasts this means a rise to less than £9 per hour by 2020.
That’s why the Living Wage movement campaigns for all employers that can afford to do so to ensure their employees earn a wage that meets the cost of living, not just the government minimum.