Employees at Northampon-based Nationwide will be paid at least the living wage, according to the building society.
Nationwide Building Society has become a principal partner of the Living Wage Foundation and an accredited Living Wage employer.
Nationwide has been formally accredited as a Living Wage employer, ensuring that all of its 17,000 employees receive at least the living wage - an independently calculated figure that reflects the true cost of living in the UK.
The living wage commitment will see everyone on a Nationwide site, regardless of whether they are permanent employees or third-party contractors and suppliers, receive a minimum hourly wage of £7.65 - significantly higher than the national minimum wage of £6.31.
As part of its commitment to fairer pay, Nationwide, which employs 2,100 people in Northampton, has also committed to become a principal partner of the Living Wage Foundation. This means that Britain’s biggest building society will sit on the foundation’s advisory panel, taking an active role in encouraging other employers to adopt the living wage.
Alison Robb, group director at Nationwide, said: “It’s fantastic to have committed to become a principal partner of the Living Wage Foundation, and we are looking forward to working with the foundation to encourage other employers to sign up in future. Nationwide’s Living Wage accreditation shows our commitment to doing the right thing by our people and we are proud to take a leading role in the campaign for fairer pay.”
Living Wage Foundation director, Rhys Moore said: “We are delighted to welcome Nationwide to the Living Wage movement as both principal partners of the Living Wage Foundation and accredited employers.
“As the UK’s largest building society, this move brings the living wage to high streets across the country, and showcases that the best employers are voluntarily signing up to pay the living wage now. The living wage is a robust calculation that reflects the real cost of living, rewarding a hard day’s work with a fair day’s pay.
“The National Minimum Wage (NMW) provides an effective robust minimum floor for wages and has all but eliminated extremely low pay in the UK. One side effect is that we now see rates of pay at the lower end of the market clustered at or just above the NMW. The living wage provides a recognised benchmark for employers who are able to pay more.”
Michael Ellis, Member of Parliament for Northampton North said: “Nationwide is a significant employer in Northampton, so I am delighted that they are going to be paying their staff the living wage.
“They are one of the first high street names to take this step and I hope other big names, who can afford to pay the living wage, will take note. This decision means people working for Nationwide in Northampton will have a little bit more in their pockets to spend in local businesses.”
Nationwide’s accreditation will benefit around 850 workers across the country, most of whom are contract workers from third-party suppliers. The accreditation has been awarded as a commitment by the building society to raise the wages of all those earning less than the living wage over the next three years.