Banking Sector Embraces Living Wage

The banks have become New Zealand’s first Living Wage sector in New Zealand.

Seventeen banks have adopted the Living Wage as the minimum rate across the business for those who are directly employed and those who are contracted to deliver services on a regular and ongoing basis.

A spokesperson for Living Wage Movement Aotearoa NZ, Marlon Drake, said this is a milestone for the Movement that began with just ten, small to medium sized businesses, coming on board in 2014.

Westpac was the first bank to sign the license to become an accredited Living Wage Employer and since then the Bankers Association has led the way to ensure the whole sector meets this minimum standard, Marlon said.

“The Living Wage is part of being a socially responsible business and the banks have shown it is possible to move as a whole sector to do what’s good for the workers, good for the economy and also good for business,” Marlon said.

“The Living Wage Movement is on a roll and with leadership like this the Living Wage is set to become mainstream in the private sector.”

“Extensive international research and a growing body of New Zealand research showed workers who are paid the Living Wage have better morale, less absenteeism and greater productivity. There is also a business advantage in being labelled a Living Wage employer. But, above all, it is simply the right thing to do,” he said.

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