Unity Trust Bank has been accredited as a living wage employer.
The accreditation is part of the Birmingham-based specialist bank for the social economy’s wider commitment to employees. It has also established an employee share ownership plan, which enables staff to own a stake in the organisation.
Living wage employers pay their employees (all adults over the age of 18) rates of at least £8.55 an hour in London, and £7.45 outside the capital, significantly above the national minimum wage of £6.19 for workers aged 21 and over.
It is calculated according to the basic cost of living in the UK and is set independently each year. The new calculation will be announced during Living Wage Week, which starts on 4 November.
Richard Wilcox (pictured), managing director of Unity Trust Bank, said: “As part of our wider commitment to delivering positive social change, we are proud to have implemented the living wage throughout the organisation.
“People may be surprised a bank feels it necessary to be recognised as a living wage employer, but we want to be sure all the workers we pay, particularly those beginning their careers, receive a fair wage they can live on.
Caroline Reilly, spokesperson for the Living Wage Foundation, added: “We are delighted to welcome Unity Trust Bank to the foundation, and to hold the first living wage trademark in the UK on behalf of the banking sector.
“We encourage others to aim towards this benchmark and show leadership in this area. The roots of Unity Trust Bank reflect the foundation’s civil society focus and our aims to work together for the common good.”