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British business chiefs call for rise in minimum wage

shriram | 20th September 2014 | Business And Economy
British business chiefs call for rise in minimum wage

    A raft of business leaders including the chief executives of Kingfisher and Nomura have signed a letter calling for the minimum wage to rise faster now that growth has returned to the economy.

The letter has been co-signed by Sir George Bain, former chairman of the Low Pay commission, and Alan Buckle, the former deputy chairman of KPMG who was appointed by Ed Miliband to examine the future of the minimum wage.

The news will be a boost for the Labour leader, partly because it shows there is a group of influential businessmen willing to countenance his agenda, including his belief that the minimum wage might have to rise faster than inflation if all employees are to benefit from the recovery. The letter also underscores the extent to which the minimum wage is an accepted part of the business landscape.

The letter states: "We also share concerns that the value of the minimum wage has fallen in recent years. Over the last 15 years, the national minimum wage has been successful in boosting pay at the bottom of society without leading to a loss of jobs.
For businesses, it has created a level playing field, enabling employers to improve business performance and staff conditions without fear of being undercut by companies competing on lower wage rates.


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