Aegon has been formally accredited as a Living Wage employer.
The life insurer revealed while it has informally adopted the real Living Wage with its workforce for many years, the official accreditation follows it going beyond the commitment to its workforce, extending to its supply chains.
Consequently, as well as requiring in-scope suppliers of regularly contracted staff to pay the real Living Wage, Aegon is also encouraging all of its UK suppliers to adopt the real Living Wage and its non-UK suppliers to identify and adopt an ethical pay standard.
The real Living Wage commitment means everyone working at Aegon receives a minimum hourly wage of at least £9.50 in the UK or £10.85 in London.
Both rates are higher than the government minimum for over 23s, which currently stands at £8.91 per hour.
Commenting on the insurer’s recognition, Aegon CEO Mike Holliday-Williams said: “Aegon is delighted to be recognised as a Living Wage Employer.
“We have been committed to paying all employees the real Living Wage rates informally for many years now. But with this formal accreditation, we will now be able to work with third parties to encourage them to do so as well to ensure more people have a fair and equitable future.”