Commitment to support the UK’s Wholesale Cash Distribution (WCD) network: View the update

A Living Wage Foundation Employer

Vaultex is committed to paying the Living Wage -calculated each year based on what employees and their families need to live.

The Living Wage Foundation reviews general living costs, including bills and food, to determine what the Living Wage hourly rate should be both in and out of London.

The Living Wage is separate rate from the Government’s new National Living Wage, which only applies to people over 25. The Living Wage is 17% higher than the government minimum.

Chief Executive Phil Vaughan said: “I’m delighted Vaultex is a Living Wage accredited employer. It demonstrates our commitment to ensure our people receive a fair, stable wage across the board for the high quality service they deliver.”

An independent study examining the business benefits of implementing a Living Wage policy in London found that more than 80% of employers believe that the Living Wage had enhanced the quality of the work of their staff, while absenteeism had fallen by approximately 25%.

The Living Wage affords people the opportunity to provide for themselves and their families. 75% of employees reported increases in work quality as a result of receiving the Living Wage.

Research published by KPMG show that 1 in 5 people are still paid less than the real Living Wage.