Living Income metrics
How do we demonstrate improvement to the livelihoods of producers? What metrics do we use as an indicator? In this living income webinar, we joined the World Benchmarking Alliance to discuss living income metrics. The World Benchmarking Alliance has developed a Food and Agriculture Benchmark that measures and compares 350 food and agricultural companies on various sustainability indicators. Published biannually, the next will be published in Q3 2023.
The 2023 iteration will include a farmer and fishers livelihood indicator within the social inclusion category. It will capture a company's contribution to improving the livelihoods of farmers and fishers through activities aimed at increasing income and resilience. Farmers often get only 5–10 percent of the total value of products sold to consumers. At the same time, companies with downstream activities capture most of the value added in global agri-food supply chains. Companies can close the living income gap by increasing pay, supporting resilience, and tackling inequalities in risks and power. Living income should not be a differentiator but standard practice for responsible companies. During this event, we will also hear from companies sharing their experiences improving producers' livelihoods