• Register
Return to: Home > News > Professional Bodies > Businesses should pay a decent wage suggest ACCA and Living Wage Foundation joint reports

Businesses should pay a decent wage suggest ACCA and Living Wage Foundation joint reports

Beyond the public expectations for businesses to pay tax and be mindful of the environment, businesses are expected to respect their employees’ rights and needs which includes paying a decent wage, according to the ACCA.

The Association of Chartered Certified Accountants (ACCA) in collaboration with Living Wage Foundation have jointly published two reports exploring the concept of a living wage to provide an overview of historical developments of the living wage globally, including identifying the legal frameworks that have evolved to support it. Secondly, the report aims to establish a set of broad principles, which can be used at both global and local levels when entering into multi-party discussions on this subject.

Commenting on the reports, Helen Brand OBE, ACCA’s chief executive said: “In today’s world, businesses are expected to pay their fair share of taxes, treat the environment with care and respect the rights and needs of their employees. The last includes paying a decent wage.”

“The concept of a ‘Living Wage’ – that people should earn enough to maintain a dignified standard of living – has gained increasing prominence around the world as a way to tackle the growing problem of in-work poverty,” Katherine Chapman, director, Living Wage Foundation stated.

The reports include a series of thought pieces on the issue, one of them from Jane Wills, a professor at Queen Mary University of London who wrote: “Fifteen years since the Living Wage campaign started in east London, there is much greater recognition that increased wages have wider benefits for the whole of society by increasing the incentives to work, reducing in-work benefits, improving the welfare of families and increasing aggregate demand.”

Another thought piece included in the report is from Vincent Nichols, cardinal archbishop of Westminster, who wrote that the Catholic Church in England and Wales is committed to supporting the living wage.

“It is good to see more businesses of all sizes adopting the Living Wage. There is strong evidence of the business case for doing so. Momentum is clearly growing, but it is not just the wage that is important. The dignity of work itself and the quality of the human relationships fostered through work are crucial. Labour is never just a cost, and everyone is a someone, not a something,” he wrote.

The reports can be accessed here.

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.