4 July 2016

TSB gains living wage accreditation

TSB is set to become an accredited Living Wage employer by the Living Wage Foundation on 1 August 2016.

TSB committed to pay its Partners above the Living Wage when the Bank launched in September 2013. To gain Living Wage accreditation, TSB has been working with its suppliers and contractors to ensure that everyone working on the Bank's behalf is also paid the Living Wage or above.

Rachel Lock, HR Director at TSB, said: "At TSB we've built a partnership culture and it's vital to us that everyone working for us feels valued and supported.

"We've always been committed to paying our staff above the Living Wage level and I'm delighted that we have now been able to extend this commitment to everyone working on our behalf through our third party contractors."

Living Wage Foundation Director, Katherine Chapman, said: "We are delighted to welcome TSB to the Living Wage movement as an accredited employer.

"The Living Wage is a robust calculation that reflects the real cost of living, rewarding a hard day's work with a fair day's pay."

The Living Wage is an hourly rate calculated according to the basic cost of living in the UK.   The Living Wage rate is currently a minimum hourly rate of £8.25 - significantly higher than the national minimum wage of £6.70 and the new minimum wage premium for over 25s of £7.20 per hour introduced in April.

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Notes to editors

TSB was created to bring more competition to British banking - to be a real challenger to the big banks and to deliver the kind of banking the people of Britain want. TSB only serves local customers and local businesses, to help fuel local economies, because communities thriving across Britain is a good thing for all of us.

We have a simple, straightforward and transparent banking model and make clear on our website how we operate and make money. We offer the products and services people tell us they want, with none of the funny stuff people normally associate with traditional banks.

Our 4.7 million customers, award winning mobile and digital banking, nationwide network of branches and 8,600 Partners mean we are big enough to make a difference, but small enough to be an agile challenger to the entire market.

For further information about TSB Bank plc, please visit our website www.tsb.co.uk .

About the Living Wage Foundation

The Living Wage is an hourly rate set independently and updated annually. The Living Wage is calculated according to the basic cost of living in the UK. Employers choose to pay the Living Wage on a voluntary basis. The Living Wage enjoys cross party support.

The London Living Wage is currently £9.40 per hour. This figure is set annually by the Greater London Authority and covers all boroughs in Greater London. The UK Living Wage for outside of London is currently £8.25 per hour. This figure is set annually by the Centre for Research in Social Policy at Loughborough University.

The Living Wage Foundation recognises and celebrates the leadership shown by Living Wage employers across the UK. There are currently over 2,300 accredited employers. We are an initiative of Citizens UK. We believe that work should be the surest way out of poverty.

We receive guidance and advice from the Living Wage Advisory Council. The Foundation is supported by ten principal partners: Aviva; Joseph Rowntree Foundation; KPMG; Linklaters; Nationwide; Nestle; Resolution Foundation; Save the Children; Trust for London; and Queen Mary University of London.

What about the Government's national living wage?

In July 2015 the Chancellor of the Exchequer announced that the UK Government will introduce a compulsory 'national living wage'.

This new government rate is a minimum wage premium rate for staff over 25 years old. It will be introduced from April 2016 and the rate will be £7.20 per hour.

The rate is separate to the Living Wage rate calculated by the Living Wage Foundation.

The government rate is based on median earnings while the Living Wage Foundation rate is calculated according to the cost of living.

For further information on the Living wage foundation visit their website www.livingwage.org.uk