We’ve officially become accredited as a Living Wage Employer, joining the 4,700 companies across the UK who believe a hard day’s work deserves a fair day’s pay.
The Living Wage is calculated based on the cost of what people need to get by, and adjusts for the higher cost of living in London. Currently the Living Wage is £9.00 an hour across the UK and £10.55 an hour in London – a substantial leap from the £7.38 National Minimum Wage.
For thousands of people across the country, the Living Wage has improved their wellbeing by granting them increased independence and flexibility. Hard working employees find they have more time to spend with their families, emergency funds for a rainy day, and restored energy at work. Stories of the difference it has made can be found on the Living Wage website.
For us, signing up to the Living Wage Foundation is about holding ourselves accountable to the values we hold as a company for years to come, and encouraging others to do the same. It commits us to raising our rates every year as they are adjusted. It also empowers any employees, including contractors working on our premises, to speak up if they are being paid unfairly.
Largely this has affected our cleaning staff. We are currently paying them the old Living Wage rate of £10.20 an hour, and are now pledged to raising the rates in the next six months (although we plan to do it sooner).
We are delighted to be a part of this movement, as it is so important to the health and well-being of not only our employees, but employees across the UK. Moreover, it is the right thing to do. We believe that, if we are to maintain our standing as the world’s most inclusive banking service, it is essential that we foster inclusivity and fairness in all elements of our business.
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Monese Business accounts are available to UK registered companies
We’re fully prepared for this scenario, and there won’t be any changes to how your Monese account works