PWC and WageIndicator (2024). Working towards paying a living wage: A guide to paying a fair and sustainable wage. What it means, why it matters and how to achieve it?. PWC, London
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ABSTRACT
A guide to paying a fair and sustainable wage. What it means, why it matters and how to achieve it? - March 2024
Paying a living wage is rapidly rising up the agenda for companies worldwide. PwC’s Global Living Wage Survey 2023 found that 67% of businesses believe this is a priority for their organisation and that 54% expect to be making commitments within the next five years. This ambition mirrors the United Nations’ Forward Faster initiative, under which companies commit to 100% of their employees earning a living wage by 2030. And with the advent of regulations like the EU’s Corporate Sustainability Reporting Directive (CSRD), the momentum will only continue to grow.
However, while the direction of travel towards a living wage is clear, how to get there is less so. There is no agreed global standards in place, and the definitions of what constitutes a living wage can vary between countries and industries. As a result, working out how to pay a living wage globally is far from straightforward – especially when a company looks to extend the concept beyond its own organisation and across the supply chain.
To help companies find the pathway to a living wage that works best for them and their employees, PWC and WageIndicator Foundation collaborate to demystify the journey by providing companies with practical pointers at each step of the way and benchmarks to navigate by. Our new guide Working towards paying a living wage explains clearly what paying a fair and sustainable wage means, why it matters, how to achieve it and how to report on its impacts. The guide also includes real-world examples of what good looks like, highlighting lessons learnt and benefits realised.