HSBC to pay the Living Wage to all UK support staff
25 May 2012
HSBC has today announced that it will pay the current Living Wage to all its contractors across the UK, including those who are employed via third party suppliers.
HSBC employs 50,000 people in the UK and has paid the Living Wage since 2005. This commitment will extend the higher rate of pay to more than 2900 cleaners, security guards and catering staff.
The Living Wage is an hourly rate of pay that has been independently calculated to reflect the true cost of living in the UK. It is higher than the National Minimum Wage (£6.08 per hour for those aged 21 and over) and is currently £8.30 per hour within London and £7.20 per hour for the rest of the UK.
Announcing the participation in the scheme at today's HSBC AGM , Douglas Flint, Chairman of HSBC, said:
"Although we have paid our staff the London Living Wage since 2005, we believe that the values of our business should extend to anyone who represents our brand, whether they clean our offices or serve in our canteens. We will pay the current Living Wage hourly rates in London and across the UK and will review on an annual basis."
Speaking on how the scheme will be implemented, Nigel Hinshelwood, Chief Operating Officer HSBC UK, said: "We are working quickly with our suppliers to bring all our contracts into line with our commitments and expect all staff to be paid the new hourly rate by September this year."
Notes to editors:
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About the Living Wage
The London Living Wage rate is calculated by the Greater London Authority and the National Living Wage rate for outside London is calculated by the Centre for Research in Social Policy.
History of the Living Wage
The UK Living Wage Campaign was launched by members of London Citizens in 2001. The founders were parents in the East End of London, who wanted to remain in work, but found that despite working two minimum wage jobs they were struggling to make ends meet and were left with no time for family and community life.
In 2005, following a series of successful Living Wage campaigns and growing interest from employers, the Greater London Authority established the Living Wage Unit to calculate the London Living Wage.
In 2011 Citizens UK brought together grass roots campaigners and leading employers from across the UK, working closely with colleagues on the Scottish Living Wage Campaign in particular, to agree a standard model, calculated by the CRSP, for setting the National Living Wage outside of London.
At the same time, following consultation with campaigners, employers who support the Living Wage and HR specialists, Citizens UK launched the Living Wage Foundation and Living Wage Employer mark.
Since 2001 the campaign has impacted over 10,000 employees and redistributed over £96 million to some of the lowest paid workers in the UK.