Global investment organisation Standard Life will pay all UK staff the new voluntary living wage rates from 16 November 2016.
Accredited as a living wage employer in 2014, Standard Life will implement the pay increases ahead of the suggested May 2017 deadline, ensuring that all employees, interns and contracted staff based in the UK will receive the living wage of £8.45 an hour for individuals based across the UK and £9.75 an hour for London-based colleagues.
The living wage is a voluntary hourly pay rate that is independently calculated to reflect how much employees need to be paid to cover the basic costs of living.
Recently reviewed, London mayor Sadiq Khan announced the new rates last week, with the living wage standing at £8.45 an hour for staff across the UK and £9.75 an hour for employees working in London. This is an increase from £8.25 and £9.40 respectively.
Sandy Begbie, chief people officer at Standard Life, said: “We’ve been a fully accredited living wage employer since 2014 and were the first private sector [organisation] to become a living wage friendly funder in 2015.
“We know that paying the real living wage has a positive impact on the lives of individuals and brings benefits to our business and our wider community. Knowing that we are doing the right thing is something our people can take pride in too.”
