FDs approve #3.60 per hour minimum wage

Finance directors have backed the government’s minimum wage level, but there is a groundswell of support for a slightly higher rate.

In this week’s Big Question survey by Accountancy Age and Reed Accountancy Personnel, 37% of FDs agreed #3.60 per hour was the right level for a minimum wage.

Dave Ashwin, FD of Leicester-based Walkers Midshire Foods, said it was right ‘for a normal business.’ But Don Magee, of Mitsui Marine and Fire Insurance, said: ‘It should only be a guideline.’

Michael Mills, of Ulster Carpet Mill in Portadown, was one of the 32% in favour of a higher level. ‘It should be #4 – #3.60 isn’t a living wage,’ he said.

Only 19% thought the rate should be lower. Tony Jerram, of City-based investment bankers Barlow International, said: ‘A minimum wage is likely to destroy some jobs at the bottom end of the market.’

Jacqui Martin, of the Provincial Bus Company, said: ‘Employment of young people could suffer, depending on their age.’