The Co-Operative Bank has received living wage accreditation.
All of the bank’s employees are paid at least £7.85 an hour, rising to £9.15 in London. The living wage, which is significantly higher than the national minimum wage of £6.50 an hour, takes into account the real cost of living in the UK.
As part of its living wage accreditation, the bank will work with suppliers and third-party contractors to implement measures outlined by the Living Wage Foundation.
The Co-Operative Bank’s commitment to offer all of its staff the living wage follows the expansion of its ethical policy. Its expanded Ethical Policy framework, which was launched in January 2015, takes into account the results of the bank’s values and ethics poll, which 74,000 customers and employees participated in.
More than half (59%) of those who took part in the poll were in favour of the bank introducing the living wage.
Its expanded ethical policy now provides a framework for how the bank operates, and covers areas such as workplace culture.
Julie Harding, director of human resources at The Co-operative Bank, said: “Receiving accreditation from the Living Wage Foundation demonstrates our expanded ethical policy in action.
”Values and ethics sit at the heart of our business, including our workplace and culture, and we are delighted to become a living wage-accredited employer. Our colleagues play a vital role in creating the right culture across the organisation to help deliver the future performance of the business.”