One of London’s largest member-owned financial businesses has become a London Living Wage employer to demonstrate its commitment to its employees.
The London Living Wage award marks the continuing commitment by London Capital Credit Union in Archway, where, regardless of whether they are permanent employees, third-party contractors or suppliers, everyone receives a minimum hourly wage of £9.40 – significantly higher than the current national minimum wage of £6.70.
The London Living Wage is set annually by the Living Wage Foundation and calculated by the Greater London Authority. It covers all boroughs in Greater London. The UK Living Wage for outside of London is currently £8.25 per hour. The UK rate is set annually by the Living Wage Foundation and calculated by the Centre for Research in Social Policy at Loughborough University.
Felix Hebblethwaite, a director at London Capital Credit Union, said: “A key principle of the co-operative movement – of which credit unions are a part – is to champion the sustainable development of the communities in which we operate. At LCCU we believe that paying our employees appropriately is an important step forward in achieving this objective.”
Employers choose to pay the Living Wage on a voluntary basis. The Living Wage enjoys cross party support, with public backing from the Prime Minister and the Leader of the Opposition.
Living Wage Foundation Director Sarah Vero said: “We are delighted to welcome London Capital Credit Union to the Living Wage movement as an accredited employer.
“The best employers are voluntarily signing up to pay the Living Wage now. The Living Wage is a robust calculation that reflects the real cost of living, rewarding a hard day’s work with a fair day’s pay.
Added Felix Hebblethwaite: “We are proud to be a London Living Wage employer and we would encourage other employers within London to do the same.”