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Triodos Bank awarded living wage employer mark
Bristol based sustainable and ethical bank Triodos has become one of only 13 businesses in the city to be accredited as a Living Wage employer.
12-06-2014 | Awarded by the Living Wage Foundation, The Living Wage Employer mark guarantees that everyone working at Triodos Bank - permanent employees, third-party contractors and suppliers - receives a minimum hourly wage of £7.65 -significantly higher than the national minimum wage of £6.31.
"The Living Wage is about fairness and investing in people", said Paula Searle, Head of HR at Triodos Bank, "and by signing up we are demonstrating the value that we place in each and every person who works at Triodos Bank."
The Living Wage campaign has been running for ten years, and in that time has lifted an estimated 45,000 people out of poverty. Employers have no legal obligation to pay the Living wage, but choose to on a voluntary basis.
"The Living Wage is about fairness and investing in people"
Paula Searle, Head of HR, Triodos Bank
Despite the fact there has been a 75 per cent increase in the number of Living Wage Employers in the UK since November 2013 bringing the total to 700, TUC research found there are still around five million people in the UK getting paid less than the living wage.
The study also revealed that Kingswood in Bristol is the UK Living Wage black-spot with 48 per cent of people working there earning less than £7.65 an hour.
Paula continued: "It may come as quite a surprise to many people in Bristol that Kingswood came up as one of the worst areas for paying the Living Wage. But with just 13 accredited Living Wage employers in Bristol, low pay in the city is clearly something that needs to be tackled.
"At Triodos we believe that paying employees the Living Wage is the right thing to do, and we hope our accreditation encourages more businesses in Bristol to do the same."
Rhys Moore, Director of the Living Wage Foundation said: "We are delighted to welcome Triodos Bank to the Living Wage movement as an accredited employer.
"The best employers are voluntarily signing up to pay the Living Wage now. The Living Wage is a robust calculation that reflects the real cost of living, rewarding a hard day’s work with a fair day’s pay.
"These businesses recognise that clinging to the national minimum wage is not good for business. Customers expect better than that. "
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Triodos Bank only finances enterprises that create social, environmental or cultural added value. Key sectors include organic food and farming, renewable energy, social housing, and fair trade. Transparency is a core value: customers are informed about the bank’s lending and can target their savings to particular areas of investment. A range of personal savings accounts is offered, and full banking services are available for businesses and charities. Triodos Bank is an independent bank founded in the Netherlands in 1980. Its principles and independence are protected through a special shareholding trust. The UK office opened in 1995 and is based in Bristol.