Figures show that a single individual earning the national Living Wage of £7.65 an hour would be over £130 a year better off, as would someone earning the London Living Wage rate of £8.80 an hour.
The net gain rises to over £400 a year for a couple with two children both earning the national Living Wage. Individuals earning the national minimum wage (£6.31) will also be better off. A single adult would be over £140 better off – slightly more than their Living Wage counterpart.
Compared to people earning the national average or ‘median’ wage, gains are slightly higher for both Living Wage and national minimum wage earners.
Marianne Fallon, Head of Corporate Affairs at KPMG, said: “It is good to see that the low paid will be receiving more in their pay packets after today’s Budget. Of course, rises in some duties and other general price rises will eat into these gains. However, low paid workers will be in a better initial starting position. At a time when the cost of living has been a real concern, any boost to take home pay has to be welcome. With over 600 organisations and growing now paying their staff a Living Wage, we encourage other employers to consider whether they can make the move as well.”
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with approximately 11,500 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2013. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 155,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity an