As part of our new CSR strategy Lloyd’s has been accredited by the Living Wage Foundation as a living wage employer.
The Living Wage is a term used to describe the minimum hourly wage necessary for housing food and other basic needs. It affords people the dignity to provide for themselves and their families.
The Living Wage campaign was launched in 2001 by parents in East London, who were frustrated that working two minimum wage jobs left no time for family life. Since then over 10,000 London families have been lifted out of working poverty as a direct result of the Living Wage.
The hourly rate is set independently and updated annually. In London the rate is calculated by the Greater London Authority and outside London by the Centre for Research in Social Policy. The Living Wage is gaining momentum nationwide with over 140 companies and organisations signed up to the initiative.