The Bank has accredited as a Living Wage employer. As an accredited employer, the Bank confirms that every employee will continue to be paid a minimum hourly wage of £12.60 per hour. This rate is higher than the government minimum for over 21s, which currently stands at £11.44 per hour.
The Scottish National Investment Bank was already committed to paying its employees at least the real Living Wage. Their choice to become accredited and formally join the real Living Wage movement communicates their dedication to publicly supporting Fair Work practices and they hope to inspire other employers to gain Living Wage accreditation. Headquartered in Edinburgh, the Bank also has an office in Glasgow and employees in other locations around the country.
Living Wage accreditation has been reported as benefiting 94% of accredited businesses, with it improving their reputation and retention rate. Being seen as part of the real Living Wage network sends a message to employees and potential employees that an employer will treat them fairly.
Sandy MacDonald, Executive Director, Head of Impact:
“The Scottish National Investment Bank is deeply committed to promoting fair work and sustainable working practices through all areas where we can have an impact. Since our organisation was established a little over 4 years ago, we have always paid all our employees at least the real living wage. It’s important for us to take this extra step and accredit too so we are supporting the wider movement of employers who want to ensure that work is always a sustainable route out of poverty and people’s pay keeps pace with the cost of living.”
Leah Pearson, Impact support apprentice:
“It’s important for me to know that I’m working for a company that understands the challenges people face and is committed to doing the right thing. One of the things that attracted me to apply for an apprenticeship with the Bank was their missions and the positive difference they are trying to make in Scotland. I’m pleased they are making this commitment.”
In Scotland, 91% of all jobs pay at least the real Living Wage, this is higher than any other UK nation. Despite this, nearly 1 in 10 jobs still pay less than the real Living Wage which equates to 234,000 jobs.
The real Living Wage is the only UK wage rate calculated according to the costs of living. Employers choose to pay the real Living Wage on a voluntary basis, recognising the value of their workers and ensuring that a hard day’s work receives a fair day’s pay.
Since 2011 the Living Wage movement has delivered a pay rise to over 68,000 people in Scotland and put over £600 million extra into the pockets of low paid Scottish workers.
Councillor Lezley Marion Cameron, Edinburgh’s Housing, Homelessness and Fair Work Convenor and Co-Chair of the Edinburgh Fair Work Action Group, said:
“We are delighted to welcome the Scottish National Investment Bank to Edinburgh’s increasing number of accredited Living Wage employers. Receiving the real Living Wage means employees can better afford a decent standard of living. Given the increasingly challenging business conditions, it is heartening to see more Edinburgh headquartered employers achieving Living Wage accreditation, demonstrating the value they place on the benefits of fair work and fair pay for their staff.
There are now 760 accredited Living Wage employers in Edinburgh which has resulted in 13,269 staff members’ pay being uplifted to the real Living Wage. We want to encourage more employers to become Living Wage accredited and to that end, we’ll continue to champion the benefits of fair work and fair pay to employers and employees alike.”
Lynn Anderson, Living Wage Scotland Manager said:
“We’re delighted that Scottish National Investment Bank has become an accredited Living Wage employer. They join a growing movement of employers in Scotland who recognise that the security of a real Living Wage can help create a happier, healthier and more motivated workforce.
Our Living Wage network includes employers from across all sectors and industries, and we hope to see many more join the Scottish National Investment Bank in going further than the minimum.”