I am backing plans to strengthen the National Minimum Wage to ensure that people who do a hard day’s work are rewarded for doing so.
Those on the lowest pay are at the sharpest end of the cost-of-living crisis. Families are on average £1,600 a year worse off since 2010 whilst the value of the National Minimum Wage has declined by five per cent over the same period.
In September last year Alan Buckle, former? Deputy Chairman at KPMG, began an investigation on how to strengthen the minimum wage.
The report, published last week, argues for a new framework to ensure that the minimum wage rises faster over the next five years than it has in the recent past, as part of a national mission to tackle low pay and build a new economy with more high skill, high paid jobs.
The report recommends that the Low Pay Commission should be set a five-year target to increase the minimum wage to a more stretching proportion of median earnings.
The National Minimum Wage boosted pay for millions, without leading to a loss of jobs and now I can’t imagine a Britain without it. However the issues we face today are different to those we faced at the end of the last century. That’s why I believe we need to strengthen the National Minimum Wage so that local people on low pay are properly rewarded for the work they do.
Bringing the increase in the minimum wage closer to median earnings over a five-year period will help us build an economy that works for everyone and not just a few at the top.