Co-operatives and credit unions are celebrating Living Wage Week (30 October – 5 November) and the announcement of increased real Living Wage rates.
Sadiq Khan, Mayor of London, announced that the new London Living Wage has increased from £9.40 to £9.75 per hour to reflect the higher cost of living facing families in the capital. First Minister for Scotland Nicola Sturgeon and the First Minister for Wales Carwyn Jones announced the increased UK-wide Living Wage rate in their respective nations, from £8.25 to £8.45. This is 17% higher than the government minimum for over 25s which is £7.20 per hour.
The news follows a report from KPMG that showed 22% of people in the UK are still paid less than the real Living Wage. The real Living Wage is calculated annually and is based on the cost of living, not just the government minimum (£6.70 aged 21-24 / £7.20 aged 25+). It is voluntary, recognises that under 25s have the same living costs as everyone else and is accredited by the Living Wage Foundation.
Nearly 1,000 employers have signed up since Living Wage Week last year bringing the total number of accredited Living Wage organisations to nearly 3,000.
Among those credited include 19 credit unions and 15 co-operatives – including Co-operative Press (publishers of Co-operative News), the Co-op Party and Revolver. There are also many co-op organisations quietly paying a Living Wage rate without publicising it through accreditation, such as Suma.
Related … Three quarters of social enterprises pay the Living Wage
“Today’s new Living Wage rates bring a welcome pay rise to thousands of workers across the UK,” said Katherine Chapman, director of the Living Wage Foundation.
“One in five people earn less than the wage they need to get by. That’s why it’s more important than ever for leading employers to join the growing movement of businesses and organisations that are going further than the government minimum and making sure their employees earn enough to cover the cost of living.
“As we kick off Living Wage Week today we are celebrating nearly 3,000 employers across the UK who lead the way on tackling low pay by paying the real Living Wage. The sheer growth of our movement shows that the Living Wage is good for people and good for business.”
Another Living Wage accredited co-operative is the Phone Co-op, which “is proud to be a Living Wage employer and proud to support Living Wage week”, said the Phone Co-op’s Nick Milton.
“We pay all our staff a minimum of £8.25 per hour. That £1.05 extra per hour may not seem much extra to many of us but to those existing near the breadline it can literally mean the difference between eating or missing a meal.”
Which co-ops and credit unions have been Living Wage-accredited?
Credit Unions
Greenwich & Bexley Credit Union (London)
London Capital Credit Union (London)
London Mutual Credit Union (London)
The Pentecostal Credit Union Ltd (London)
Commsave Credit Union Ltd (East Midlands)
Advance Credit Union Ltd (West Midlands)
Citysave Credit Union (West Midlands)
Manchester Credit Union (North West England)
Sefton Credit Union Limited (North West England)
South Manchester Credit Union (North West England)
The Co-operative Family Credit Union (North West England)
Unify Credit Union Limited (North West England)
Connection Credit Union (South West England)
Leeds City Credit Union (Yorkshire and the Humber)
Capital Credit Union (Scotland)
East Kilbride Credit Union (Scotland)
Renfrewshire Wide Credit Union Ltd (Scotland)
Scotwest Credit Union Ltd (Scotland)
Cardiff & Vale Credit Union (Wales)
Co-operatives
Co-operative Party (London)
Greenwich Co-operative Development Agency (GCDA) (London)
Hackney Cooperative Developments CIC (London)
SELDOC (South East London Doctors Cooperative Ltd) (London)
Voluntary Action Harrow Co-operative (London)
Argyle Street Housing Cooperative (East of England)
Daily Bread Cooperative Ltd (Cambridge) East of England)
CASE (Co-operative and Social Enterprise Development Agency) (East Midlands)
Revolver Co-operative Ltd / Revolver Music Ltd (West Midlands)
Co-operative Bank North (West England)
Co-operative Press Ltd North (West England)
Windsor Albion Co-operative (North West England)
The Phone Co-op Limited (South East England)
Golden Ball Co-operative Pub York (Yorkshire and the Humber)
Lister Housing Co-operative Ltd (Scotland)
Have we missed anyone? Let us know below, or email [email protected].
