Lloyds Bank Foundation for England and Wales has gained Living Wage Friendly Funder accreditation and called upon corporates, charities, and their funders to tackle low pay.
As a Living Wage Friendly Funder, Lloyds Bank Foundation pays its staff the Living Wage and will encourage those seeking funding to pay the Living Wage to posts funded through its grants.
The foundation will also encourage charities, where they can, to pay staff the Living Wage and even to become accredited employers themselves.
The National Minimum Wage for over 25 year olds is £7.20, but the UK Living Wage, which is set independently and calculated annually in accordance to the basic cost of living in the UK, is £8.25. This rises to £9.40 in London.
Lloyds Bank Foundation chief executive Paul Streets OBE said small and medium charities want to be able to pay staff a fair wage but it is hard to secure funding.
“Across England and Wales the staff in the 700+ charities supported by the Foundation are helping some of the most vulnerable in our society. At Lloyds Bank Foundation, it’s important for us to go the extra mile to provide not only funds for their work, but pounds in the pockets of those who dedicate their lives to breaking the cycle of disadvantage plaguing our communities.”
As a member of the Living Wage Friendly Funder Scheme, the Lloyds Bank Foundation supports the campaign to end low pay in the voluntary and community sector. It joins its efforts to tackle low pay with its corporate partner Lloyds Banking Group, also a Living Wage Employer.
Living Wage Foundation director Katherine Chapman said the leadership shown by Lloyds Bank Foundation demonstrates a “commitment to tackling the serious problems that low pay brings to our communities”.
“Many organisations in the voluntary and community sectors are working hard to tackle social injustice and poverty; it’s only right that those committed to these roles are afforded at least a Living Wage. We hope to see many more funders and corporates follow the lead of Lloyds Bank Foundation and the other Living Wage Friendly Funders.”
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