The banking sector has become New Zealand's first Living Wage Accredited industry, Workplace Relations and Safety Minister Andrew Little says.
"I am pleased to see that workers and contractors in the banking sector will be paid at least the Living Wage. The banking sector is vital to the New Zealand economy and employs thousands of New Zealanders. This is a great decision, and it should be seen as an exemplar for other industries," says Andrew Little.
"Paying fair wages has obvious benefits for employees: it helps individuals and families put food on the table and live in a warm, healthy home, and reduces the need to work long hours just to scrape by. It enables workers to participate as active citizens in their communities.
"It also has significant benefits for employers. Higher wages are likely to lead to improved productivity, as well as better workforce recruitment and retention.
"As a Living Wage Accredited industry, all workers in the sector, including those who are contracted such as security guards and cleaners, will now earn the income required to afford the basic necessities of life.
"This is a great step for this industry which plays such an important role in the lives of just about everyone. It is good leadership," Andrew Little says.
The Living Wage is currently $21.15 per hour, and will increase to $22.10 per hour on 1 September 2020. It is set by an independent group, the Family Centre Social Policy Research Unit, based on the assessed needs of a family of two adults (one working 40 hours per week, and one working 20 hours per week) and two children.
