Financial services provider Aegon UK has become a Living Wage Foundation accredited employer.
This commitment means Aegon staff will receive a minimum hourly wage of at least £9.50 in the UK or £10.85 in London, with both rates higher than the £8.91 per hour UK government minimum wage for people over the age of 23. The business is choosing to pay the real living wage on a voluntary basis, as it recognises the value of its workers and ensures that a “hard day’s work receives a fair day’s pay”.
Aegon UK has been informally paying its employees the real living wage for many years, and is now encouraging all of its UK suppliers and in-scope suppliers of regularly contracted staff to adopt the real living wage, as well as requiring its non-UK suppliers to identify and adopt an ethical pay standard.
Mike Holliday-Williams, CEO at Aegon, commented that the organisation is delighted to be recognised as a living wage employer, as people are at the heart of the business and make it a great place to work.
“With this formal accreditation, we will now be able to work with third parties to encourage them to do so as well to ensure more people have a fair and equitable future,” he said.
Lynn Anderson, Living Wage Scotland manager, added that Aegon joins a growing movement of over 2,000 employers in Scotland who want to ensure workers earn a wage that meets the cost of living.
“The formal process of accreditation meant that Aegon were able broaden their impact by extending the living wage commitment to regular workers employed through their supply chain. We hope Aegon’s living wage accreditation will inspire similar action from other large employers, to recognise the important leadership and influencing role they too could have in growing the living wage movement,” she said.