The Living Wage Foundation is pleased to announce that FTSE 100 Land Securities has been accredited as a Living Wage employer.
The Living Wage commitment will see everyone, regardless of whether they are permanent employees or third-party contractors, paid the Living Wage by 2020. This is currently £9.75 in London or £8.45 elsewhere in the UK. Both rates are significantly higher than the statutory minimum for over 25s of £7.50 per hour.
Land Securities is the UK's largest listed commercial real estate company. Its £14.5 billion portfolio totals 23.6 million sq ft and includes some of London's most desirable office buildings and the UK's most successful shopping and leisure destinations.
Diana Breeze, Group Human Resources Director at Land Securities, said:
"We are proud to become an accredited Living Wage employer.
"Implementing the Living Wage across our business by 2020 is the right thing to do as a responsible employer. Not only does it benefit our employees but also the communities they live, shop and work in."
The real Living Wage is an hourly rate set independently and updated annually. The Living Wage is calculated according to the real costs of living. There is a separate rate for London to reflect the higher cost of living in the capital.
Katherine Chapman, Director of the Living Wage Foundation said:
"We are pleased to announce the accreditation of Land Securities as a Living Wage employer. As a FTSE 100 and the UK's largest commercial property company, Land Securities' commitment to the Living Wage shows great leadership.
"Paying the Living Wage is a mark of responsible business. There are now over 3,000 UK employers who are signing up to pay a real Living Wage to make sure all their staff earn enough for a decent quality of life."
Employers choose to pay the real Living Wage on a voluntary basis. The Living Wage enjoys cross-party political support.
The Mayor of London, Sadiq Khan, said:
"I'm delighted Land Securities has become the latest big employer in the capital to sign up to pay their staff at least the London Living Wage.
"From the biggest FTSE 100 companies to the smallest start-ups, paying the London Living Wage is a clear message to staff that their hard work and commitment is valued, while for employees it can make a significant difference in meeting the higher costs of living and working in London."