The living wage is calculated to reflect the minimum amount a person needs to earn in order to cover their basic living costs – such as housing, bills, food and work travel. Research released this week by KPMG showed that that over five million UK workers are being paid less than the living wage.
The accreditation is Barclays’ public commitment to ensure that all permanent and subcontracted staff, regardless of their role or location, are paid at least the living wage. From this week, The UK living wage is set at £7.85 an hour; 21% higher than the national minimum wage of £6.50 per hour. In London, where there is a distinct rate, the living wage is set at £9.15 per hour. Living wage employers are expected to make any changes to their employees’ pay over the next six months. Barclays will review salary arrangements for employees through the payround process, in line with our pay deal with Unite. ISS will review pay rates for those working on Barclays contracts.
Dominic Johnson, Employee Relations Director, Barclays, said:
“Having supported the living wage for over ten years, we know that it can improve productivity, morale and retention rates. This is not just an expression of our corporate Values or an issue of social impact, but good business sense.”
To contribute to the growing business case for the UK living wage, Barclays has commissioned the University of Strathclyde, in partnership with the Living Wage Foundation, to further investigate the value it can offer employers. The research will be published in December.