The government must deliver:
The government needs to achieve two key things to deliver a £15 minimum wage:
Between 1997 and 2010 nominal wages grew by an average of 3.8 per cent a year. At the very least, we need to see this level of growth again. This would deliver a £20 median wage by 2030. In combination with a 75 per cent bite, it would establish a £15 minimum wage. This level of wage growth is conservative following over a decade of stagnation. Higher levels of sustained pay growth are needed to recover lost ground and to help workers cope with soaring living costs now.
Workers covered by collective bargaining will see their wages rise to these levels more quickly. In sectors with good collective bargaining coverage, a £15 floor can be implemented earlier. Fair Pay Agreements should be rolled out, and trade union restrictions should be lifted, so workers can win higher pay ahead of the minimum wage.
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