Living Wage A Matter Of Human Rights And Business Sustainability

📆 10/13/2024 11:02 PM
📰 theSundaily

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Living Wage,Human Rights,Business Sustainability

ACCA Asia-Pacific senior policy consultant Sharath Martin argues that paying a living wage is not only a human right but also crucial for business sustainability. He emphasizes that businesses unable to afford a living wage lack a sustainable model and will struggle with future economic, climate, or natural crises.

Sharath says paying wages that workers need in order to have a decent standard of living is a matter of human rights.Businesses that cannot afford to pay a living wage do not effectively have a sustainable model and will need to prepare to deal with future shocks from economic, climate, or natural crises.

“However, today, such businesses may have to deal with high staff attrition, rehiring and retraining costs, and loss of productivity, which affect their bottom line. Sharath said companies should adopt a phased approach to implementing living wages, balancing the short-term costs with the long-term socioeconomic and financial benefits.

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Finance Professionals in APAC Must Address Wage Inequality for Sustainable Business PracticesA new report highlights the growing need for finance professionals in the Asia-Pacific region, including Malaysia, to prioritize living wages and sustainable business practices. The report emphasizes the socio-economic impact of fair compensation and urges businesses to take action to reduce inequality and mitigate risks.
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