Pay Policy Statement
The cost of the City of London Corporation's work is met from one of three funds: the City Fund, City's Cash and Bridge House Estates. Expenditure on salary costs are met across all three funds depending on the particular nature of the service.
We are required to set out our approach to a range of issues, particularly those relating to remuneration for senior staff and our lowest-paid staff.
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 2018-19. However, in general and in keeping with the spirit of openness, the Statement does not try to distinguish between the City Corporation in its capacity as a local authority and in its other capacities.
Pay and grading arrangements
Excluding uniformed police officers and teachers, the City Corporation employs approximately 3410 staff of whom 14 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 behaviors.
Any pay increase is dependent on the achievement of at least a good standard of performance, and a further increase may be awarded dependent on the individual's 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. In addition we are committed to paying our staff at or above the London Living Wage. The current rate is £10.20 per hour.
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 21.0%. (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.