Banking Becomes First Living Wage Accredited Industry

Published: Mon 27 Jul 2020 05:08 PM
Banking has become New Zealand’s first fully living wage accredited industry, leading to nearly 1800 employees and contractors moving onto the living wage and gaining greater economic independence for them and their families.
As of today, all 17 members of the New Zealand Bankers’ Association, and the association itself, have been fully accredited.
“As one of the largest industries in the country, we are showing leadership by committing to paying the living wage,” says New Zealand Bankers’ Association chief executive Roger Beaumont. “I encourage all industries to, where possible, pay the living wage to their employees and contractors.”
NZBA research shows that almost 80% of New Zealanders think the banking industry paying the living wage is a good idea and that it is important.
“New Zealanders clearly want their businesses to step up and pay a fair and decent wage. It’s the right thing to do,” says Beaumont.
“This is the first time we have had a whole sector showing leadership around a Living Wage and that is really something to celebrate,” says Annie Newman, Living Wage National Convenor.
“Banks are leading the way for many other sectors that could afford to follow suit and that’s important at a time when across the country so many workers are struggling during this COVID crisis. The message is, if you work in a bank you will be paid a decent wage whether you are a bank employee, a security guard or a cleaner. That’s fantastic.”
The 17 banks represented by NZBA range significantly in their size and scale, from employers of over 4000 people to small branches of global bank brands.
“There was no simple solution to accrediting every bank,” says Beaumont. “Large banks had huge numbers of contractors to work with while others had to get approval from international head offices. Navigating and, in some cases, seriously challenging those policies showed the effort everyone in the industry was willing to go through.”
Banks employ more than 25,000 people in New Zealand. Last year banks spent $5.73 billion running their businesses here, which includes purchasing local goods and services. The five major banks paid $2.7 billion to employees nationwide.

Next in Business, Science, and Tech

OceanaGold Announces Receipt Of WKP Mining Permit
By: OceanaGold
COVID-19 lockdown has widespread effects on labour market
By: Statistics New Zealand
New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3
By: New Zealand Post
Westpac NZ Lowers Merchant Fees For Small Businesses
By: Westpac New Zealand
Million Dollar Plus Property Sales Increase 11.7% Nationally, Says REINZ
Government To Regulate Environmentally Harmful Plastic Packaging, Tyres, E-waste
By: New Zealand Government
Ice-olation For Antarctica New Zealand
By: Antarctica New Zealand
July House Price Index illustrates market resilience
By: QV Valuations
Queenstown Rents Experience Biggest Drop In Seven Years
By: Trade Me Property
The Quiet Earth
By: Auckland University
James Shaw says Kiwibank, not ministers should decide on investors
Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments
By: Financial Markets Authority
Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off
By: FIRST Union
Stronger Green Voice Needed Next Term To Stop More Mining On Or Under Conservation Land
By: Green Party
Unemployment Figures Don’t Tell The Full Story
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media