The Living Wage commitment will see everyone working at Lanarkshire Credit Union, regardless of whether they are permanent employees or third-party contractors; receive a minimum hourly wage of £8.45 - significantly higher than the national minimum wage of £6.95 and the new minimum wage premium for over 25s of £7.20 per hour introduced this April.

The Living Wage is an hourly rate set independently and updated annually. The Living Wage is calculated according to the basic cost of living using the ‘Minimum Income Standard’ for the UK. Decisions about what to include in this standard are set by the public; it is a social consensus about what people need to make ends meet.

Lanarkshire Credit Unions Carolann Smillie added “being accredited as a Living Wage Employer reflects the core values of the Credit Union and makes a positive contribution to society. Not only is paying employees a wage that supports a decent standard of living a responsible thing to do, but there are also clear business, societal and economic benefits in doing so.”

Employers choose to pay the Living Wage on a voluntary basis. The Living Wage enjoys cross party support, with public backing from the Prime Minister and the Leader of the Opposition.

Living Wage Foundation Director, Katherine Chapman said: “We are delighted to welcome Lanarkshire Credit Union to the Living Wage movement as an accredited employer.

“The best employers are voluntarily signing up to pay the Living Wage now. The Living Wage is a robust calculation that reflects the real cost of living, rewarding a hard day’s work with a fair day’s pay.

“We have accredited nearly 3,000 leading employers, including Lanarkshire Credit Union, ranging from independent printers, bookshops and breweries, to well-known companies such as Nationwide, Aviva and SSE. These businesses recognise that clinging to the National Living Wage is not good for business. Customers expect better than that."