The Real Living Wage hits the news again
The Real Living Wage is already significantly higher than the National Living Wage and the National Minimum Wage and has now risen to £10.20 in London and £8.75 elsewhere.
The scheme is completely voluntary and aligns with the Bank’s ethical approach to the way it conducts its business. Sultan Choudhury OBE, CEO, Al Rayan Bank, said: “The Living Wage Foundation ensures a proper living wage for workers throughout the country and Al Rayan Bank is pleased to be a member.
“It is important to live by the principles you believe in. For Al Rayan Bank, fairness is a key principle in all our dealings. It’s why we share both risk and reward with our customers and why we pay our employees a fair day’s pay for a fair day’s work.
“We believe the Living Wage benefits our business, customers and employees - and therefore, society as a whole.”
The Living Wage is an hourly rate set independently and updated each year. It is calculated according to the basic cost of living using the ‘Minimum Income Standard’ for the UK. It is a social consensus about what people need to make ends meet.
Al Rayan Bank has increased its workforce by 11 per cent during the last year and is strongly committed to the Living Wage, believing it helps to attract and retain a higher calibre of employees.