Why a living wage is key in combating wealth disparity
The SustainFinance event "Why a living wage is key in combating wealth disparity" will be held on 10th of August at 12:00 pm UTC, 11:00 am London and 07:00 am New York. It will be broadcast on the website http://www.sustainfinance.org.
NEW YORK, July 26, 2021 /PRNewswire-PRWeb/ -- The event "Why a living wage is key in combating wealth disparity" will be held on 10th of August at 12:00 pm UTC, 11:00 am London and 07:00 am New York. It will be broadcast on the website http://www.sustainfinance.org. The discussion will be hosted by ESG and Investor Relations strategist Ilkay Demirdag. It will be about how policy makers have a once-in-a-century opportunity to re-look at the way the world is organized and correct the economic imbalances. The discussion will also include the topic of why a living wage is key in restoring dignity for all. To register for this event please go to: http://sustainfinance.org/event-registration/
At the event, our recent article will be discussed https://www.reutersevents.com/sustainability/we-must-rise-biggest-economic-challenge-our-times-creating-good-jobs-everyone authored by Dr. Nouriel Roubini and Anand Ramachandran, CFA, published at Reuters Sustainable Business where SustainFinance authors Paul Smith CFA and Kubra Koldemir also contributed to the article. Nouriel Roubini is the cofounder and served as the chairman of Roubini Global Economics, an independent, global macroeconomic strategy research firm.
The distinguished speakers are from Malaysia: Paul Chan, President at Malaysian Alliance of Corporate Directors and Faroze Nadar, Executive Director at UN Global Compact Network Malaysia. They will share local insights about Malaysian corporations and their supply chains in relation to human rights issues and to labor conditions.
Paul Smith, a founder of the SustainFinance initiative and former President of CFA Institute as well as sustainability business writer Kubra Koldemir will speak. Dr. Argüden, who is a leading global governance expert, social entrepreneur, thought leader and author will also join the conversation.
Our recent article will be referred to during the annual Asia Pacific Conference "Governance 4.0" of Malaysian Alliance of Corporate Directors coming up on August 17th. Please register here: https://cds2021.macd.org.my/. Similar governance topics will also be discussed at this conference.
The concept of a living wage, or a desirable level of pay, is not new. The philosopher Plato considered the idea when writing about the dignity of work more than 2,000 years ago. The Universal Declaration on Human Rights adopted by the United Nations makes the case for fair wages and social protection in Article 23. Traditionally this had been dealt with through minimum wage legislation, but because of the growth of the gig-economy and the collapse of collective bargaining, tools like the minimum wage are proving to be inadequate.
Living wages would radically increase global discretionary income, which would drive economic growth. Putting an additional dollar in a rich person's pocket has considerably less of an economic multiplier effect than a dollar given to someone who is living on the breadline.
According to Paul Chan, President at Malaysian Alliance of Corporate Directors boards increasingly need to oversee governance risks and work to ensure fair profit distribution to everyone in the ecosystem. "Paying a living wage across an organisation is an ESG issue and an SDG Ambition Benchmark identified by the United Nations," says Faroze Nadar, executive director at UN Global Compact Network Malaysia.
Media Contact
Kubra Koldemir, SustainFinance, +1 (347) 296-5725, [email protected]
SOURCE SustainFinance
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