Principality Building Society has reaffirmed its commitment to paying the real Living Wage to its colleagues by becoming an accredited employer by the Living Wage Foundation.

After listening to feedback from its colleagues across the organisation about the difficulties they are facing in to as a result of the cost of living crisis, Principality has also announced it will focus pay increases for lower paid roles this year, to support people as prices continue to spiral.

The real Living Wage is the only UK wage rate that is voluntarily paid by over 11,000 UK businesses who believe their staff deserve a wage which meets everyday needs – like the weekly shop, or to cover an unexpected cost. The real Living Wage rates remain the only wage rates independently calculated based on what people need to live on. This year the rate increased by 10.1% in the UK, more than ever in the Living Wage Foundation’s 11-year history reflecting sharp increases in living costs, and stands at £10.90 an hour across the UK, and £11.95 an hour in London.

Julie-Ann Haines, CEO at Principality, said:

“We understand that times are extremely difficult for everyone at the moment, and we are proud to be accredited for our commitment to paying the Living Wage. There are many positive outcomes that it can bring to employees, local communities and wider society. The financial wellbeing of our colleagues is a priority for us, and it important that leading businesses in Wales continue to step up and support their workers by signing up to the Living Wage.

“In response to the cost-of-living crisis, to provide additional stability to our colleagues and their families, we have also decided to bring our annual pay review forwards by three months, to provide greater financial support to our lower paid colleagues.  Principality prides itself as mutual, member-owned building society, in having a positive impact on society, and this includes looking after the health and wellbeing of our colleagues who do so much to improve the communities they live and work in.

“Our colleagues continue to go above and beyond to provide excellent customer service for our members, in order to help build a financially resilient society of savers, and to help people buy and stay in their homes for longer.”

Sarah Hopkins, Director at Cynnal Cymru, the Living Wage Foundation’s accreditation partner for Wales said:

“We are delighted that Principality has joined almost 500 employers across Wales in committing to the real Living Wage. As we celebrate Living Wage Week, this is also a great milestone for making Cardiff a Living Wage City and we would like to congratulate everyone involved in achieving this accreditation.

“We are facing unprecedented challenges with the cost-of-living crisis, but businesses across Wales continue to step up and support workers by signing up to the Living Wage in record numbers.

“We are here to support employers in Wales through the accreditation process because we know that paying the Living Wage brings benefits to employers, workers and the economy.”