Nationwide welcomes the new living wage rate and highlights the benefits of becoming an accredited living wage employer

2 November 2015

Living Wage Foundation Principal Partner Nationwide has welcomed the new hourly rate which has been announced today (November 2).

The new hourly rates are £8.25 in the UK and £9.40 in London. The UK rate is set annually by the Living Wage Foundation and calculated by the Centre for Research in Social Policy at Loughborough University.

Nationwide is encouraging employers who can afford to pay the Living Wage to do so now, because as the Government introduces the mandatory enhanced minimum wage in April 2016, the actual cost of going further and paying employees the Living Wage will, in effect, be reduced.

Benefits of becoming a Living Wage employer include appealing to consumers who want to access services and products from businesses which pay their employees a fair wage and boosting employee morale.

The Living Wage is voluntary, calculated according to the basic cost of living in the UK and applies to everyone over the age of 18. This differs from the enhanced minimum wage the government announced in May this year which will be mandatory and only applicable to people aged 25 and over. The mandatory enhanced minimum wage will be set at £7.20 per hour.

Nationwide’s Head of Citizenship, Stephen Uden, said: “We welcome today’s new Living Wage rate announcement which gives people the opportunity to earn enough to provide for themselves and their families. We want to share our experience of becoming an accredited Living Wage employer and highlight the benefits which include boosting staff morale, appealing to consumers who want to see employees paid a fair wage and being a key player in the drive for fair pay.”

As a Living Wage Foundation Principal Partner, Nationwide will pay all its employees including temps, agency employees and apprentices at least the Living Wage.

About Nationwide

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

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