If more businesses paid their employees the real Living Wage then Greater Manchester would get a £72m economic boost, according to new research.
The research, commissioned by the Living Wage Foundation and conducted by the Smith Institute, found that if a quarter of those earning below the real Living Wage saw their pay raised to that level, the increase in wages, productivity and spending would deliver the boost to the Greater Manchester economy.
The number of Living Wage employers in Greater Manchester now stands at 530 – up by more than a third since last Living Wage Week.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Andy Burnham, Mayor of Greater Manchester, said: "In a cost-of-living crisis, the campaign for fair pay is more vital than ever.
"But paying the real Living Wage isn’t just the right thing to do for workers – it benefits businesses, helping them attract and retain staff, and boosts our economy too.
"When wages are higher people have more money to spend in their local economy, stimulating growth which benefits everyone.
"Living Wage Week provides an opportunity to celebrate the progress we’ve made and look forward to the challenge ahead.
"We remain committed to ensuring everyone working in Greater Manchester receives a fair day’s pay for a fair day’s work."
The improvement of employment standards in Greater Manchester is being driven by the Good Employment Charter, a voluntary membership and assessment scheme. Membership is based on a range of criteria, including paying the real Living Wage.
Since being named the UK’s first Living Wage City-Region during last year’s Living Wage Week, Greater Manchester has continued to make progress towards the goal of all jobs paying the real Living Wage by 2030.
Earlier this year the Octagon Theatre became the 500 th Living Wage Employer in Greater Manchester.
READ NEXT:
Tom Kerridge to close restaurant at luxury hotel owned by Gary Neville and Ryan Giggs
Businesses need to get more 'rock and roll' to innovate and create more jobs
Mike Ashley's Frasers Group increases stake in Simply Be and JD Williams owner N Brown
B&M eyes 'Golden Quarter' sales success despite £40m drop in profits
