Unite, Britain's biggest union, has welcomed HSBC's announcement to ensure all HSBC employees in the UK will earn at least the national living wage.
The living wage is £7.45 per hour across the UK except for London where it is £8.55 per hour. The living wage is an hourly rate, set independently, every year. It is calculated according to the cost of living and gives the minimum pay rate required for a worker to provide their family with the essentials of life.
HSBC employs around 50,000 staff in the UK. Hundreds of the lowest paid workers at the bank, based in call centres and branches are set to benefit from the uplift. Anyone who is currently being paid less than the national living wage will have this addressed in their March 2013 pay review.
The lowest paid workers at HSBC will receive a £500 a year pay increase.
Unite officer Bernadette Fisher said: "People associate financial services with millionaire bankers and will find it hard to believe there are thousands of people working across the industry who earn less than the living wage - but it is true.
"There are massive disparities between the highest and lowest earners in the finance sector and more needs to be done to narrow the gap. We welcome HSBC's commitment to a living wage for all staff. It will mean an extra £500 a year for the lowest paid workers at the bank who struggle to make ends meet.
"Unite has been calling on the bank to support the living wage for a few years now and it's great news that the bank has now made it a reality."
Contact: Ciaran Naidoo on 07768 931 315
- Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The general secretary is Len McCluskey.