As part of our work to build a fairer financial system for all, we’re excited to announce that the Finance Innovation Lab has been officially accredited as a Living Wage Employer.
The real Living Wage is an hourly rate set independently, according to the real cost of living ,and updated annually. At the heart of the Living Wage movement is the simple idea that a hard day’s work deserves a fair day’s pay. The Lab has always paid its staff the Living Wage or above; now we’re proud to receive official recognition for our commitment.
The Living Wage commitment means that everyone who works at the Lab, whether they are direct employees or third-party contracted staff; receive a minimum hourly wage of £8.75 in the UK or £10.20 in London. Both rates are significantly higher than the statutory minimum for over 25s of £7.50 per hour introduced in April 2017.
Anna Laycock, Executive Director at the Finance Innovation Lab said:
“The Lab has always been committed to living out the changes we want to see in the financial system, so joining the Living Wage movement is a natural step for us. Everyone deserves a fair wage that covers the real cost of living. Now we want to see every business in finance pay the Living Wage!”
Katherine Chapman, Director of the Living Wage Foundation said:
“We welcome The Finance Innovation Lab to the Living Wage movement as an accredited employer. We’re a movement of over 3700 UK employers who together want to go further than the government minimum, to make sure all their staff earn enough to live on. These businesses recognise that the Living Wage accreditation is the mark of a responsible employer and they, like the Finance Innovation Lab, join us because they too believe that a hard day’s work deserves a fair day’s pay.”