The Financial Ombudsman Service has been accredited as a living wage employer by the Living Wage Foundation.
The organisation has committed to paying its 3,413 employees at least the voluntary living wage rate of £8.45 an hour, or £9.75 an hour for employees working in London. The new wage rate will apply to both permanent staff and third-party contractors.
The living wage is a voluntary rate, which is calculated according to the basic cost of living. The hourly rate is independently set and updated on an annual basis.
The voluntary living wage is distinct from the national living wage, which is the statutory rate for employees aged 25 and over. The national living wage rate is currently £7.50 an hour.
Caroline Wayman (pictured), chief ombudsman and chief executive officer at the Financial Ombudsman Service, said: “The cost of living affects us all, whether we live in or outside of London. I’m proud that we’re recognising the hard work of our staff by offering everyone who works here a fair wage that reflects the real cost of living.”
