Health provider Novus Health has received living pension employer accreditation from the Living Wage Foundation.
The employer delivers free audiology, physiotherapy and dermatology services on behalf of the NHS. It employs 65 members of staff from its Horbury headquarters and four local health and wellbeing hubs in Wakefield, Pontefract, Normanton and Sandal.
Novus Health decided to make this voluntary commitment in order to provide stability and security for all of its staff, both now and in the future. All new employees joining the business will automatically be enrolled.
Launched in March 2023, the accreditation is a voluntary savings target for employers to support lower-paid employees who are not saving enough into their pension pots each year, aiming to prevent poverty and meet basic needs in retirement. It is independently calculated based on the real cost of living and applies to all directly employed staff, regardless of age and earnings, as well as third-party contracted workers.
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Employers commit to either a percentage or cash target, equivalent to 12% of salary for a full-time employee earning a living wage salary or £2,800. The employer pays in at least 7%, or £1,630. This is higher than the minimum contributions required under auto-enrolment, where an employer is required to contribute 3%.
Luke Streeting, chief executive of Novus Health, said: “Our commitment to provide the living pension to our employees is a very important step to ensure all our staff can look forward to a decent standard of living in retirement. We’re already an accredited living wage employer, helping to close the gap between the top and bottom earners. As a responsible local employer, we feel it’s only right to go the extra mile, particularly in these incredibly challenging times, to ensure the financial welfare of our team members is secure in the future.”