Finance provider BCRS Business Loans has been accredited as a living wage employer as part of its goal to provide a decent standard of living for all of its workers.
As a result of its commitment, all of the Wolverhampton-based community lender’s employees will receive a minimum hourly wage of £12.60. This is higher than the government minimum for people aged over 21, which currently stands at £12.21 per hour.
The organisation wanted to become a living wage employer to combat the fact that just 18.3% of all workers in the West Midlands earn less than they need to get by, with around 418,000 jobs paying less than the real living wage.
The Living Wage Foundation’s real living wage is independently calculated based on the cost of living and rises annually based on living costs. It enables employers to pay a wage that meets everyday needs and is not just the government minimum.
Stephen Deakin, chief executive at BCRS Business Loans, said: “BCRS Business Loans is incredibly proud to be accredited as a living wage employer as a continuation of our wide work to support the growth and prosperity of local businesses and communities. Our commitment to improve employment opportunities extends to our own team members, who deserve to earn a wage that truly reflects the cost of living.
“In a region where nearly one in five workers earn less than they need to get by, it is our responsibility to lead by example. Paying the real living wage is not just the right thing to do, it is a reflection of our values as a responsible finance provider and our dedication to creating positive social impact in everything we do.”
