TSB Bank has become an accredited living wage employer for paying the living wage to its employees and contractors, which was described as a significant move to help workers to recover from the COVID-19 crisis.
The living wage, which is calculated annually by the New Zealand Family Centre Social Policy Unit, is the hourly rate a worker needs to afford necessities and participate in their community's activities such as food, childcare, housing, and transportation.
TSB has been providing the living wage since October 2018, and it supported its main cleaning contractor's decision to implement the same rule in April 2019. It continues to work closely with its remaining cleaning contractors to ensure that they would also provide the living wage for its employees.
“At TSB we care about doing the right thing and putting people first, so we're really pleased we can make this commitment for all of the people who contribute to running our business each day,” said Chris Boggs, the general manager for people and strategy at TSB.
“This is another way TSB is contributing to a thriving economy and the good of our communities, which is particularly important as New Zealand faces into the COVID-19 recovery,” he continued.
“Over the last few months our cleaners have been vital in helping us to keep our customers and communities safe through COVID-19, and we're so grateful for that. These people are part of the TSB family, so it's great to give them more reassurance at an uncertain time.”
Felicia Scherrer, the accreditation coordinator at the Living Wage Movement Aotearoa New Zealand, commented: “We are excited to welcome TSB as an Accredited Living Wage Employer. Paying the Living Wage to staff and contractors is a significant move to aid COVID-19 recovery.”