Researchers have recommended that all would be better off if we had a higher minimum wage and just worked for four days each week (versus five or more).
According to New Economics Foundation (NEF) researchers, by the year 2030 the poorest individuals in the UK could be 13% better off if a four day working week is adopted and a higher minimum wage is implemented. Essentially, there is presently something of a productivity crisis occurring in the UK. Actually, for the past decade there has been only a diminutive amount of growth in labor productivity. “The problems are deep and structural, ranging from high levels of inequality to an ageing population. The policy response needs to be equally transformative,” said Alfie Stirling of the NEF.
“Raising demand by growing the incomes of the poorest families, while giving people more time off to spend it, should be part of the mix of options that policy makers should be urgently looking at.” The research found that if we attempted to raise wages quicker and switch to a four day week by 2030, people will make out better. They indicate that raising the minimum wage to $24.51 per hour, as opposed to the current plan of $15.48 per hour would spike the disposable income and wages for the bottom 50 per cent of earners. Persons in the bottom 10 per cent will witness their income heighten by up to 26 per cent. Ones in the top 10 per cent would be lower 8 per cent.
One of the primary political figures to support such a notion is shadow chancellor John McDonnell; he stated his party is potentially on board as a way of getting employees to glean the advantages of more automation at work and technology advancement. McDonnell stated: “We work the longest hours in Europe and yet we are less productive. The Germans and French produce in four days what we produce in five and yet we work the longest hours.” General secretary of the Trade Union Congress (TUC), Frances O’Grady, recently expressed: “In the 19th century, unions campaigned for an eight-hour day. In the 20th century, we won the right to a two-day weekend and paid holidays. So, for the 21st century, let’s lift our ambition again. I believe that in this century we can win a four-day working week, with decent pay for everyone. It’s time to share the wealth from new technology, not allow those at the top to grab it for themselves.”
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