F&C property fund gains pay rises for low-paid

The F&C UK Property Fund, which is operated by BMO Global Asset Management, is the first property fund to be accredited as a Living Wage employer, the fund manager said.

The accreditation, which is made by the UK’s Living Wage Foundation, is a result of the fund ensuring that in-scope employees of all third-party contractors are paid the real living hourly wage of £10.55 in London and £9 across the rest of the UK.

All contracts had to be reviewed and, in some cases, employers were told to give pay rises to meet the Living Wage threshold.

Guy Glover, the fund manager, said: “In many of the buildings we own, people will work as cleaners, receptionists or in security, which are jobs that traditionally pay low wages. The government’s National Living Wage provides some protection, but the real Living Wage goes beyond providing a subsistence living, giving an appropriate wage to remove reliance on government benefits.”

Glover said the move was to promote wellbeing and health for the employee and any dependents and will help with employee retention and productivity.

“Paying the real Living Wage is a simple intervention that makes big societal difference and is a standard I believe we should adopt across the industry,” Glover added.

Other funds run by BMO Real Estate Partners are in the process of working towards accreditation.

©2018 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

Innovative US companies are providing some of the solutions to the climate crisis and transition to a more sustainable economy. We see potential opportunities in areas including renewable energy and…
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

IRELAND SPOTLIGHT

Visit our dedicated Ireland channel for all the latest news and analysis on the country's investment industry.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST