Opinio CEO responds to minimum wage increase proposal
George Osborne's decision to raise the National Minimum Wage will be welcomed by those existing on it, which has been devalued by the financial crisis and inflation.
However, the figure is not as important as what your earnings will pay for. We've heard plenty of the Living Wage, which maintains purchasing power, but the mooted £7 per hour still falls short of this, so I'm dubious as to whether it will actually help.
I would like the chance to ask the Chancellor whether this move is motivated by a will to improve peoples' lives, or whether it is politically motivated, with the General Election just around the corner. However, if someone cannot make an impact on your business that yields a return above what you are paying them you need to ask why you are bothering in the first place - or find a way in which technology can drive down or replace that cost.