May 24, 2011
Interns desperately hoping that their unpaid work will one day be financial rewarded, have been given a boost after a recent survey found that 97% of financial service practitioners believe they should be paid.
According to work undertaken by the Chartered Institute for Securities amp; Investment (CISI), which asked 800 workers to choose from four options over the level of financial support firms should provide for interns, 56% said payment should be offered in the form of expenses and a ‘modest’ wage. Just 3% of those surveyed felt internships should be unpaid.
One respondent commented that "in finance, in particular, there is a big amount of responsibility given all the way down to the intern. Rewarding talent should start here”, while others added that unpaid internships are “exploitative and should be banned".
Under the recently announced social mobility strategy, the government has pledged to overhaul unpaid internships, which critics argue favour young people upper-class backgrounds. In the future, firms will be asked to pay interns or face the risk of a legal challenge under the national minimum wage legislation.
For more on the changes and how they could affect you. Contact our employment law experts today.
