Responsible finance provider BCRS Business Loans has been accredited as a Living Wage Employer.
The Living Wage commitment will see everyone working at the Wolverhampton-based community lender receive a minimum hourly wage of £12.60, higher than the government minimum for over 21s, which currently stands at £12.21 per hour.
BCRS Business Loans is based in the West Midlands, a region where 18.3% of all workers earn less than they need to earn to get by, with around 418,000 jobs paying less than the real Living Wage. Despite this, BCRS Business Loans has committed to pay the real Living Wage and provide a decent standard of living for all their workers.
The Living Wage Foundation’s real Living Wage remains the only UK wage rate independently calculated based on the cost of living, rising annually based on living costs. It gives employers the confidence they are paying a wage that meets every day needs, not just the government minimum. Nearly 16,000 accredited employers have secured over £3.6 billion of pay rises for low paid workers since 2011 and made a profound difference to millions of lives around the UK.
Chief Executive Stephen Deakin said:
“BCRS Business Loans is incredibly proud to be accredited as a Living Wage Employer as a continuation of our wide work to support the growth and prosperity of local businesses and communities.
“Our commitment to improve employment opportunities extends to our own team members, who deserve to earn a wage that truly reflects the cost of living. In a region where nearly one in five workers earn less than they need to get by, it is our responsibility to lead by example. Paying the real Living Wage is not just the right thing to do, it is a reflection of our values as a responsible finance provider and our dedication to creating positive social impact in everything we do.”
Katherine Chapman, Director, Living Wage Foundation said:
“We’re delighted that BCRS Business Loans has joined the movement of over 15,000 responsible employers across the UK who voluntarily commit to go further than the government minimum to make sure all their staff earn enough to live on.
“They join thousands of small businesses, as well as household names such as Burberry, Barclays, Everton Football Club and many more. These businesses recognise that paying the real Living Wage is the mark of a responsible employer and they, like BCRS Business Loans, believe that everyone needs to be able to live with dignity and have a decent standard of living.”
