The Living Wage makes sense to this financial expert

Councillor Jo Rigby at the Pentecostal Credit Union
Councillor Jo Rigby at the Pentecostal Credit Union

This week we are celebrating local businesses who have become accredited Living Wage Employers.

We spoke to Shane Bowes, the CEO of the Pentecostal Credit Union, based in Balham. The Pentecostal Credit Union was set up almost 40 years ago, and has a customer base across the UK.

We asked Shane about what led him to becoming Living Wage accredited.  The catalyst was hiring an apprentice, Lauren, and Shane’s unease about the apprenticeship guideline salary.

“You just can’t live on that kind of salary in the capital, it didn’t seem right and through some research I found out about the Living Wage. It’s calculated on the actual cost of living, and when the cost of living rises, so does the Living Wage.  This seemed to me to be a fairer guideline.” We were pleased to hear that following the apprenticeship, Lauren stayed on and has been there for over seven years.

We were interested in Shane’s point of view as a financial expert, and what his advice is to other businesses considering becoming Living Wage accredited. “I’d advise that businesses consider all the angles first, and do some long-term planning. What may seem to be an initial cost, can actually be a saving over time through high retention. It’s also a way of being more successful as your team are more committed to the goals that you have.”

The Pentecostal Credit Union sits alongside several blue-chip financial organisations who are also accredited Living Wage Employers, such as Aviva and Nationwide,

We want to thank the Pentecostal Credit Union for being a pioneer in Living Wage, this is not just about being a good employer, it is about good business sense.  We encourage other business and not-for-profit organisations to visit to learn more about becoming accredited and explore the benefits that you might be missing out on.

Author: Wandsworth Labour

News and opinion from Wandworth Labour councillors

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