Generous Boss Gives Staff Pay Rise And Four Day Week To Offset National Insurance Increase
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A generous boss has given all of his staff a pay increase following the recent announcement of a National Insurance hike.
Cotswolds-based digital-marketing firm 71a will be increasing the wages of all its staff to help them cope financially as National Insurance contributions increase by 1.25 percent for both employers and employees in April.
The company is also set to trial a four-day working week.
Speaking to Gloucestershire Live, the 34-year-old CEO and founder Edward Newman said: "I understand why National Insurance contributions need to go up this year, but I didn't want to see my team under financial pressure.
"This increase, coupled with the massive hike in energy and food bills, is enough to force them to think about what they need to cut back on - I don't want them worrying."
He continued: "For some employees, the difference is an additional £42 month, which for those with single income families is a full tank of petrol.
"We've all been through so much in the past couple of years; the least I could do is remove this stress."
Newman has also encouraged other businesses to follow 71a in increasing pay and reducing hours.
He said: "If they can afford to, I believe every business owner should follow suit. Companies will take a double hit because of the increase in employers' National Insurance contributions as well."
Amy Harker, a marketing assistant at 71a, added: "The cost of living is spiralling out of control.
"Everything is creeping up in price - petrol, food, clothes, energy - the list goes on."
This comes as a six-month pilot scheme was announced in the UK with the aim of getting 30 business to trial a four-day working week.
The pilot programme is being performed by 4 Day Week Global along with think tank Autonomy, the 4 Day Week UK campaign and researchers from Cambridge University, Oxford University, and Boston College.
Participating businesses and companies will receive support from those organising it that includes access to experts and pioneers within the field, mentoring, and research by top academics.
The boffins will crunch the numbers to ascertain what effect the four-day working week had on productivity for the business, as well as the wellbeing of its workers and impact on the environment and gender equality.
Featured Image Credit: 71a