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The cost of the City of London's work is met from one of three funds:

Expenditure on salary costs are met across all three funds depending on the particular nature of the service.


Pay Policy Statement

Section 38(i) of the Localism Act 2011 (the Act) has required local authorities since the financial year 2012-13 to produce a pay policy statement Pay Policy Statement (130KB) for each financial year.

This applies to the City of London Corporation in its capacity as a local authority and this document meets the requirements of the Act for the City of London Corporation for the financial year 2017-18.

We are required to set out our approach to a range of issues, particularly those relating to remuneration for senior staff (Chief Officers on the Senior Management Grade) and our lowest-paid staff. These provisions do not apply to staff of local authority schools or teaching staff in the three City Schools.

Pay and grading arrangements

Excluding uniformed police officers and teachers, the City of London employs approximately 3410 staff of whom 16 are classed as senior managers.

In October 2007 we moved away from the traditional long overlapping incremental scales, which were common in local government, to shorter scales of 4-6 increments where progression through the scale is based on contribution to the organisation.

The City Corporation moved from a system of 19 grades with automatic incremental progression to 10 main grades plus a senior management grouping with all progression based on contribution and exhibiting the desired behaviours.

A separate contribution pay scheme and behaviours framework was introduced in 2009-10 to recognise outstanding performance. For the majority of staff, good performance allows them to progress up the incremental scale in addition to receiving any cost of living increase which is negotiated with the recognised trade unions. For the most senior managers, however, there is no automatic cost of living award, nor incremental progression. Any pay increase is entirely dependent on their personal performance and contribution to the success of the organisation.

Senior management and general salary scales

The current senior management and general salary scales is included in the Pay Policy Statement 2017. In addition we are committed to paying our staff at or above the London Living Wage. The current rate is £9.75 per hour.

Pensions

All staff are eligible to join the Local Government Pension Scheme (LGPS) and will contribute between 5.5% and 12.5% of their own salary towards the Scheme. Pension benefits paid on retirement are based on length of service and salary.

The City Corporation employer's contribution to the pension fund for all contributing members of staff is currently 17.5%. (Employers' contributions to the LGPS vary depending upon how much is needed to ensure benefits under the Scheme are funded properly, and are set independently). The rules governing the pension scheme are contained in regulations made by Parliament.


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