Fiera Real Estate UK (“FRE UK”) is pleased to announce that the Fiera Real Estate Long Income Fund UK (“FRELIF UK”) has been accredited as a Living Wage Employer.
The Living Wage commitment will see all service providers across the FRELIF UK portfolio receive a minimum hourly wage of £9.30 in the UK or £10.75 in London. Both rates are significantly higher than the government minimum for over 25s, which currently stands at £8.72 per hour. This represents a further step on FRE UK’s social impact pathway and supports FRELIF UK ‘s commitments to the United Nations Sustainable Development Goals (“UN SDGs”).
The real Living Wage is the only rate calculated according to the costs of living. It provides a voluntary benchmark for employers that wish to ensure their staff earn a wage they can live on, not just the government minimum. Since 2011 the Living Wage movement has delivered a pay rise to over 230,000 people and put over £1 billion extra into the pockets of low paid workers.
Rupert Sheldon, FRELIF UK Fund Manager commented, “We are really pleased to have received this accreditation as it not only proves our commitment towards the UN SDGs but also demonstrates our underlying core values as a Firm. We want to encourage other Firms to go further than the government minimum so that it becomes the norm within the real estate investment management sector.”