HSBC is to ensure its UK employees all earn the national living wage, which will increase the salaries of 227 employees who work in the bank’s branches and call centres.
HSBC has paid the London living wage to employees based in London since 2005.
Sue Jex, head of employee relations at HSBC, said: “While HSBC has been paying above the national minimum wage for some time, we have now committed to paying everyone in the UK at, or above, the higher national living wage.”
The national living wage is £7.45 per hour across the UK, except in London where it is £8.55 per hour. The living wage is an hourly rate, set independently every year. It is calculated according to the cost of living and gives the minimum pay rate required for a worker to provide their family with the essentials of life.
Bernadette Fisher, officer at trade union Unite, said: “There are massive disparities between the highest and lowest earners in the finance sector and more needs to be done to narrow the gap. We welcome HSBC’s commitment to a living wage for all staff.”