Labour MPs have released a Christmas song to highlight how big businesses have cut workers’ perks since the National Living Wage was introduced.

The song, to the tune of the 1980s Band Aid hit Do They Know It’s Christmas, was recorded by MPs including Dan Jarvis, Angela Rayner, and Mary Creagh.

Mitcham and Morden MP Siobhain McDonagh, who directed the group, said she wanted a “catchy” way to highlight how some employers have ditched staff perks, including overtime pay, Christmas bonuses, and free lunches, in order to comply with the National Living Wage without spending more.

Since April, the law has required employers to pay staff over the age of 25 at least £7.20 an hour, but MPs say some companies are complying essentially in name only, while cutting back elsewhere to compensate.

The protest anthem, titled The National Living Rage, replaces the words “Feed the World” with the words “Keep the perks, don’t be Scrooge this Christmas time”.

It names offenders Waitrose, B&Q, Tesco, Caffe Nero, and EAT, among others.

Writing in the Grimsby Telegraph, another MP who took part, Melanie Onn, said it was a “highly embarrassing way of raising an important issue".

The 10 worst areas for earning the living wage Show all 10 1 /10 The 10 worst areas for earning the living wage The 10 worst areas for earning the living wage 1. West Somerset 41.9% The 10 worst areas for earning the living wage 2. Harrow 41.8% The 10 worst areas for earning the living wage 3. Torridge 41.6% The 10 worst areas for earning the living wage 4. North East Derbyshire 39.6% The 10 worst areas for earning the living wage 5. Breckland 39.3% The 10 worst areas for earning the living wage 6. Waltham Forest 39.0% The 10 worst areas for earning the living wage 7. West Lancashire 38.2% The 10 worst areas for earning the living wage 8. North Norfolk 37.8% The 10 worst areas for earning the living wage 9. Melton 37.0% The 10 worst areas for earning the living wage 10. West Devon 36.7%

The song is a trademark of the Band Aid Trust, which will put all profits from the single towards its charity work.

Several other political songs have also been released in time for Christmas, with the chancellor Philip Hammond agreeing to waive VAT on sales of a Christmas single in memory of late Labour MP Jo Cox.

The special recording of the Rolling Stones’ hit You Can’t Always Get What You Want features cross-party MPs and musicians including Kaiser Chiefs frontman Ricky Wilson, Cockney Rebel’s Steve Harley, KT Tunstall and David Gray.