Libro Credit Union supports Living Wage for 660 staff across southwestern Ontario
CLINTON, ON – Libro Credit Union (Libro) has committed to being a Living Wage employer, to further carry out its vision of growing prosperity in southwestern Ontario by transforming banking. Libro’s support for a Living Wage means all credit union staff are compensated at or above the highest Living Wage rate across the region’s 25 communities.
“Living Wage is one strategy in reducing poverty and increasing positive outcomes. Being a recognized Living Wage employer fosters social inclusion and supports the quality of life of our staff,” said Stephen Bolton, Libro Credit Union President, CEO and Head Coach. “Growing regional prosperity goes further than financial transactions and balance sheets. It’s about addressing complex social issues in southwestern Ontario and working collaboratively with organizations to help build and strengthen the communities we passionately serve. We recognize different businesses will make their own decisions about the best way to contribute to the health of their communities, and Libro encourages that conversation always.”
Last year, the Social Research and Planning Council released a report on what a Living Wage in Perth and Huron County is. Research shows that living wages help improve the overall quality of life in a community and help to lift children out of poverty by giving families a basic level of economic security. Employers who pay living wages report lower turnover and absenteeism rates, and greater employee engagement and loyalty while allowing the additional money working families earn to be spent in the local economy.
The Living Wage commitment aligns with Libro’s compensation philosophy of establishing a positive work environment and providing competitive wages. It’s one element of a strategic plan Libro is delivering to grow prosperity across southwestern Ontario.
“It is fantastic to see another local organization stepping up and offering a living wage to their employees,” said Tracy Birtch, Director of Social Research and Planning Council. “With approximately fifty percent of local households in Perth and Huron County living under the annual income needed for their household to maintain the basic living expenses a living wage provides, this truly makes a big impact in the lives of many.”
“Since issuing the report in 2015, we have had many proactive conversations with employers in the region,” said Ryan Erb, Executive Director of United Way Perth-Huron. “Right from the beginning, Libro has demonstrated their commitment to prosperity in the region and now, with this formal announcement, United Way is pleased to celebrate with them while encouraging others to do the same.”
Libro is undertaking many initiatives to strengthen the region’s economy including the launch of The Prosperity Project, which mobilizes and inspires people, businesses and communities to grow prosperity together. Since 2014, Libro has also invested nearly $1.2 million in the Libro Prosperity Fund, awarding grants to 70 organizations across the region that are building prosperity through economic development, youth leadership and money smarts initiatives.
About Libro Credit Union
Libro is Ontario’s third largest credit union with $3.8 billion in assets under administration and more than 100,000 Owners across southwestern Ontario. As a co-operative financial institution with more than 70 years of history, Libro supports the well-being of people, businesses and communities by providing high-quality financial coaching and profit sharing. Recognized as a 2016 Platinum Level Aon Best Employer in Canada, Libro is proud to support The Prosperity Project, which aims to grow prosperity in southwestern Ontario by mobilizing and inspiring collaboration, strengthening the financial health of people, families and businesses, and investing in our communities to help the region prosper together. Libro offers a full range of financial products and services for consumers, businesses and farms, including savings and chequing, investing, and borrowing. Great service can be experienced through 31 branches, online, telephone, mobile devices and a network of 4,000 ATMs across Canada. For more information, visit libro.ca/media.
United Way of Perth-Huron improves lives and builds strong local communities by bringing change where it is needed most. We support people in need through nearly 50 supported partners.
For further information or to set up an interview, please contact:
Chad Lovell, Communications Manager, Libro Credit Union
P: 519-672-0130 ext. 4423, C: 226-926-4068, firstname.lastname@example.org
Ryan Erb, Executive Director, United Way Perth-Huron call
1-877-818-8867 or 271-7730 or email email@example.com.