AMP to earn their Living Wage accreditation

AMP to become New Zealand's first financial services provider to earn their Living Wage accreditation

Leading financial services provider, AMP is set to become New Zealand’s first financial services provider to be accredited as a Living Wage employer. The Living Wage commitment means that everyone working at AMP, direct or contracted, receives a minimum of $20.55 per hour, significantly higher than the minimum wage of $16.50 set by the Government.

This latest move to ensure all employees receive a fair salary, which reflects the real cost of living in New Zealand, is one example of the company’s commitment to ensure quality outcomes for all those who rely on AMP and is in keeping in line with their market-leading employee benefit’s package, which includes 12% KiwiSaver employer contribution, free life, health and income protection insurance.

Managing Director of AMP Blair Vernon says as well as having a responsibility to their employees, businesses have a duty to set high standards for other employers to aspire toward. "The gap between the quality of life that many New Zealanders want and deserve and the one they have or can afford is growing, particularly in retirement where many can only manage to afford the absolute basics. That’s not the New Zealand we want and collectively businesses must take action to make a positive difference.

“We believe all New Zealanders should be empowered to live with dignity and be able to realise the benefits of working hard, which is why we’re proud to be part of the Living Wage Aotearoa movement and to support the great work they do to focus attention on this critical issue. I encourage other businesses to do the same and together we can do more to improve outcomes for all New Zealanders,” says Blair.

Living Wage Aotearoa is a not-for-profit society incorporated in 2013, bringing together community/secular, union and faith-based groups to campaign for a Living Wage. Annie Newman, Convenor of Living Wage Movement Aotearoa NZ says she is encouraged by AMP’s commitment. “The accreditation of such a major corporate, and the first financial institution, is a great sign for the future of New Zealand. We hope AMP’s example will have a cascade effect and other companies will do the same.”

The Living Wage Movement says: “As the gap between the rich and the poor grows in New Zealand and poverty increases, more and more New Zealanders don't get paid enough to meet their needs, enjoy their lives and participate in society. A living wage is the income necessary to provide workers and their families with the basic necessities of life. A living wage will enable workers to live with dignity and to participate as active citizens in society.”

AMP is focused on managing its business sustainably to create long-term shared value for its customers, people and communities. Other initiatives include the annual AMP Scholarships programme. Now in its twentieth year, AMP has awarded more than $2.4 million to help inspirational Kiwis achieve their dreams.

AMP was recently awarded the Rainbow Tick in recognition of their genuine focus on being a diverse and inclusive workplace for people of different genders, sexualities, ethnicities, physical capabilities and cultures, and as the principal partner of the Key To Life charitable trust, earlier this year AMP got behind Mike King and the I AM HOPE tour promoting positive mental health in New Zealand and partnered. AMP has also teamed up with Support Crew to help Kiwis access a free online platform to easily co-ordinate meals and support for family and friends in times of need.

Visit https://www.livingwage.org.nz/ for more information about Living Wage Aotearoa.

Things to know about AMP in New Zealand:
In just the first six months of the year, AMP customers received $103 million in claims payments to provide them with dignity and to protect their families in their time of need.
AMP is one of the largest KiwiSaver providers with 10.7 per cent of the total KiwiSaver market and 228,000 customers, and the account balance of members in the AMP KiwiSaver Scheme continues to grow above the industry average.
AMP has the country's most extensive and diverse network of financial advisers.
This year, AMP Scholarship recipients will receive a share of $200,000 to help them achieve their dreams in support of communities across New Zealand. Since 1998, AMP has received more than 50,000 scholarship applications and awarded more than $2.4 million to help 300 Kiwis.
AMP has been awarded the Rainbow Tick in recognition of its genuine focus on being a diverse and inclusive workplace for people of different genders, sexualities, ethnicities, physical capabilities and cultures.
As part of its benefits’ package, AMP offers employees free life, income protection and health insurance, as well as offering a 12 per cent employer KiwiSaver contribution and access to a range of benefits through its wellbeing programme.

ends

© Scoop Media