Pensions and investment organisation Royal London has been accredited as a living wage employer by the Living Wage Foundation, committing to pay its 3,253 UK-based employees the voluntary living wage.
Effective from 1 April 2017, both permanent employees and third-party contractors at Royal London receive the voluntary living wage rate of at least £8.45 an hour, or £9.75 in London.
The living wage is an independently set, hourly rate of pay that is calculated to reflect the basic cost of living. Employers choose to pay staff the living wage on a voluntary basis.
Phil Loney, chief executive officer at Royal London, said: “We are pleased to have officially become a living wage employer. Employees on our payroll were already on track to be brought in line with this level of pay, but we are now committing to ensure that our agency temporary [employees] and third parties employed to work on our sites are paid the living wage too. Additionally, Royal London Asset Management, our asset management [organisation] is a prominent advocate of engagement on environmental, social and corporate governance issues.
“Becoming an employer accredited by the Living Wage Foundation will enhance our ability to push for the [organisations] that we invest in to follow suit in relation to the pay of both their own and third-party employees.”