Blackpool Credit Union in Living Wage pledge

The Blackpool Fylde and Wyre Credit Union has committed to pay staff at least £8.45 per hour, compared to the minimum wage of £7.25 an hour, joining the likes of Blackpool Council, Blackpool Coastal Housing and the Ashley Foundation.

This can equate to an extra £180 a month for someone in full-time work.

A not-for profit business offering savings and lending facilities to people across the Fylde coast, the credit union employs five people at its branch in Birley Street. It has more than 5,000 members, with savings in excess of £5m, and more than £10m loaned out since it started in 2009.

Mike Barry, chief executive said it was important for employers to embrace the ethics of the Living Wage Foundation, and was pleased to be among those leading the way.

He said: “A living wage is a fundamental necessity for a fair society to function, and practically speaking it is vital in order for people to have financial security.

“We have long supported this ambition and paid above the minimum wage, and are pleased to have now been recognised officially by the Living Wage Foundation. As a community lender, we support many customers who struggle financially despite being in work, who are earning minimum wage or less if they are on a zero-hours contract.

“For companies, offering the Living Wage is not only morally right, but it is also good for business in terms of attracting and retaining good quality employees. Investing in your workers means investing in your town and all of the benefits that has for the local economy. Keeping money within our community is what the credit union is all about.”