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The living wage can boost productivity and tax revenues, says the TUC
Commenting on the report published yesterday (Sunday) by the IPPR and Resolution Foundation, which calls on the government to persuade more private sector companies to pay the living wage, TUC General Secretary Frances O'Grady said:
'The more companies who can be persuaded to pay the living wage the better. As well as boosting employee productivity, research shows that for every £1 spent by the private sector on the living wage, 50p is returned to the Treasury in increased tax revenue and tax credit savings.
'This report makes a compelling argument for both securing stronger wage growth and retaining important in-work benefits for low and middle-income earners as the best means of boosting living standards.'
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
Contacts:
Media enquiries:
Alex Rossiter T: 020 7467 1337 M: 07887 572130 E: arossiter@tuc.org.uk
Nigel Stanley: T: 020 7467 1244 M: 07831 735844 E: nstanley@tuc.org.uk
