HSBC has been accredited as a living wage employer.
The accreditation is a formal agreement by the bank to pay all UK employees, from permanent staff to contractors and temporary workers, at least £7.65 an hour, or £8.80 in London, higher than the current minimum wage of £6.31 an hour.
HSBC committed to pay the living wage in November 2012. It has paid the London living wage to employees based in London since 2005.
The bank employs 44,500 staff across the UK and is the largest organisation to be accredited by the Living Wage Foundation.
Antonio Simoes, chief executive officer of HSBC UK, said: “We have been paying our employees above the living wage for some time, but we wanted to make this commitment more official and are pleased to have been formally accredited by the Living Wage Foundation.
“We feel it’s important that our values should extend to everyone who represents HSBC, so we have also been working closely with our UK suppliers to bring contracts, such as cleaners and catering staff, in line with our commitment. This formal accreditation reflects our responsibility to society.”
Rhys Moore, director of the Living Wage Foundation, added: “This is a huge moment for the Living Wage Foundation and we are delighted to welcome HSBC, the UK’s largest bank and a household name, to the living wage movement.
“We are aware that HSBC has been implementing the living wage across its workforce for several years, and accrediting is the final demonstration of its commitment to improving conditions for some of the lowest paid across the UK.
“The reach and impact of such a high-profile business will, we hope, demonstrate to others that where organisations can, implementation of the living wage is not only the right thing to do, but also makes good business sense.”