London Economy Essay Example | Topics and Well Written Essays - 1500 words

London Economy - Essay Example This is because it had considerable impact on family life, health, civility, parenting and academic achievement. Since the implementation of the London Living Wage campaign in 2001, majority of the lowly paid employees have advocated for them to be paid the living wage. The living wage is not only of benefit to the employees, but also to the employers. In this study, we considered the impact of London Living Wage on the banking sector. Employers in this sector benefit by; improvement in the employees’ morale, recruitment and retention of workers, increase the overall productivity of the firm, workers motivation and also on the goodwill of the firm as a whole. Employees will also benefit through better working conditions and improved living standards and life styles. This has enabled them manage their bills accurately, pay for tuition and further training and have a better family life. Living wage can be defined as, a wage rate sufficient to provide and meet the necessities and other social amenities that are essential, at an acceptable standard of living. There is a distinction between living wage and minimum wage. Minimum wage is defined as a wage determined by the legal authority which employers cannot pay their employees below it (Waltman, 2008). On the other hand, the London Living Wage is the threshold at which individuals can live above the poverty line, and they can have sufficient net to provide and maintain a quality life (Luce, 2005). The first campaign of LLW was launched in 2001 by London citizens. They included; schools, faith organizations, community groups and trade union branches. They argued that low income had effects on the community as a whole. This is because it had considerable impact on family life, health, civility, parenting and academic achievement. The main aim of the campaign was to establish a living wage that was distinct from the already existing legal obligatory minimum wage. They argued that