NEWS: UK Finance announces Living Wage Accreditation
UK Finance, the Trade Association representing over 300 firms, in the UK providing credit, banking, markets and payment related services, has announced that it has been accredited as a Living Wage Employer. The Living Wage commitment will see everyone working at UK Finance, regardless of whether they are direct employees or third-party contracted staff, receive a minimum hourly wage of £8.75 in the UK or £10.20 for those in London. Both rates are significantly higher than the statutory minimum for over 25s of £7.50 per hour introduced in April 2017.
The real Living Wage is an hourly rate set independently and updated annually, and is calculated according to the real costs of living. The Living Wage enjoys cross-party political support and employers choose to pay the real Living Wage on a voluntary basis.
Alyson Serby, Director HR, UK Finance comments:
“As a responsible business, UK Finance, recognises the financial reality of living in London, which is why we’ve joined the Living Wage Foundation movement as an accredited employer.”
Tess Lanning, Director, Living Wage Foundation said:
“We are delighted to welcome UK Finance to the Living Wage movement as an accredited employer. Responsible businesses across the UK are voluntarily signing up to pay the real Living Wage now, because the real Living Wage rate reflects the real costs of living. We are a movement of over 3,900 UK employers who want to go further than the government minimum to make sure all staff earn enough to live on. All these accredited Living Wage Employers, like UK Finance, choose to become accredited because they believe that a hard day’s work deserves a fair day’s pay.”