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Building society in Cambridge makes commitment to Real Living Wage

News release from 18/07/2019

THE CAMBRIDGE Building Society, which employs 200 staff in 12 branches and stores in East Anglia, has become accredited with the Living Wage Foundation.

Cambridge City Council has been raising awareness about the benefits of the Real Living Wage to local businesses. Cambridge Building Society has previously attended events organised by the council to encourage new accreditations during Living Wage Week, which takes place in November each year.

Cambridge Building Society has made a formal commitment that will see people working for them receive a minimum hourly wage of £9 per hour, regardless of whether they are directly employed or third-party contractors and suppliers. The Building Society has a longstanding tradition of lending to thousands of Cambridge residents.

This rate is called the ‘Real Living Wage’ and is calculated independently to reflect the real cost of living in the UK.

Cllr Lewis Herbert, Leader and Executive Councillor for Strategy and External Partnerships, said: “It is great news that the council’s Real Living Wage campaign has the enthusiastic support of a local Building Society that has been a key part of our city for nearly 170 years, and so all their loyal local customers know they pay a decent wage to all their staff.

“Cambridge Building Society will be joining 71 other employers in the city that are accredited with the Living Wage Foundation.

“The Cambridge Building Society is a really important organisation in our community, having been around since 1850 and being known for its charitable work. We are really pleased that it has joined this movement for fair pay, to set an example to other businesses in the city.”

Peter Burrows, Finance Director at Cambridge Building Society said: “At The Cambridge we believe that employers have a social responsibility to their employees and to the wider community. Over the last 18 months we have taken steps to ensure that we are paying our people the Real Living Wage to pay them fairly for the work they do, so we are delighted now to be formally accredited with the Living Wage Foundation.”

Jonathan Spence, Cambridge Building Society Chairman said: “I am delighted that The Cambridge has taken this step. I very much hope other employers in the city will be encouraged by this action on our part to do the same for all their employees."

Any employer interested in becoming accredited as a Real Living Wage employer should contact Helen Crowther, the council’s Equality and Anti-Poverty Officer, on 01223 457046.