Mobile banking organisation Monese has been accredited as a living wage employer by the Living Wage Foundation.
The London-based organisation has committed to paying its 75 permanent employees, as well as any third-party contractors, at least the voluntary living wage rate of £10.55 an hour for staff working in the capital, or £9.00 an hour for employees based elsewhere in the UK.
Monese decided to become accredited as a living wage employer to ensure that its employees continue to receive fair pay, both now and in the future, as the organisation continues to expand and grow. The business also wishes to encourage other employers to follow in its footsteps.
The organisation formally received its accreditation on 19 November 2018; the living wage rates of pay were effective from this date.
Norris Koppel (pictured), chief executive officer at Monese, said: “We are delighted to secure accreditation and be part of the living wage movement. We have always been committed to paying fair wages and we are pleased to formalise that commitment, in the hope that others will do too.
“Increasing living costs, in London in particular, make the living wage essential and we are really happy to be able to offer it to all who work under our roof.”
The living wage is an independently set hourly rate of pay that is calculated according to the basic costs of living. Employers pay the living wage rate, which is updated annually, on a voluntary basis. The higher London living wage reflects the increased living costs associated with residing in the capital.
The voluntary living wage is distinct from the statutory national living wage, which is paid to employees aged 25 and over. The national living wage rate is currently set at £7.83 an hour.
Tess Lanning, director at the Living Wage Foundation, said: “We’re delighted that Monese has joined the movement of over 4,000 responsible employers across the UK who voluntarily commit to go further than the government minimum to make sure all their staff earn enough to live on.”