A Living Wage is the income necessary to provide workers and their families with the basic necessities of life. A Living Wage will enable workers to live with dignity and to participate as active citizens in society.
Westpac NZ has become New Zealand’s first Living Wage bank and our largest corporate Living Wage Employer.
Westpac is joining well over 120 New Zealand employers who know the Living Wage is good for their workers, good for the economy and also good for business and Westpac is actively encouraging other big businesses to step up as well.
This is an historic milestone for our Movement and, hot on the heels of Vector and AMP, we expect many more of our wealthy corporates to follow Westpac's example.
“Extensive international research and a growing body of New Zealand research shows workers who are paid the Living Wage have better morale, less absenteeism and greater productivity. There is also a business advantage in being labelled a Living Wage employer. But, above all, it is simply the right thing to do, Westpac NZ General Manager Consumer Banking, Simon Power, says.
Mr Power says the organisation is committed to helping improve New Zealanders’ financial position. “We want to lead by example. We already pay our staff a living wage and we now we want to extend that to contractors and suppliers.
“We think it will benefit them, their families and New Zealand as a whole. Ultimately, that will benefit the economy and our business.
“Above all else, we think this is the right thing to do. These workers play an important role in our day-to-day operations and we value their efforts.”
The key contractor and supplier areas that are in-scope to receive the Living Wage are commercial cleaning services, security guards, catering services, maintenance services and pest control. The changes will benefit 480 workers.
“As a large and influential employer, with a presence right across the country, paying a living wage is one way we can help to raise living standards and address poverty,” Mr Power said.
“We encourage other large organisations to look at whether this is something they can also do, or look at other ways they can improve working conditions through their supply chain.”