A Kent bank has become one of the first employers to become an accredited living wage employer.

The Charity Bank, based in Tonbridge High Street, takes savings from individuals and lends solely to other organisations.

It has now been recognised as one of the first employers to pay its staff the living wage - an hourly rate of pay which is calcuated against the cost of living in the UK.

It is monitored and updated anually, meaning Charity Bank employees benefit from pay levels reflecting the true cost of living.

Charity Bank’s chief executive, Patrick Crawford said: “Charity Bank is backing the Living Wage Campaign because it is consistent with our values and is morally right, and because it makes sound business sense.

“As part of our mission and ethos, we believe that it is important to pay our people at least the Living Wage.”

"The Living Wage is a robust calculation that reflects the real cost of living, rewarding a fair day's work with a fair day's pay" - Rhys Moore

“At the other end of the spectrum we do not operate a bonus scheme for staff or executives, and all of our non-executive directors are unpaid.”

The bank, that was formed in 2002, takes a different approach to lending and its mission is to benefit society.

It has enabled it to make loan commitments of nearly £200m to over 1,000 charities and other social sector organisations.

Rhys Moore, director of the Living Wage Foundation, said: "Accredited Living Wage employers have helped to lift over 45,000 people out of poverty. I welcome the leadership shown by Charity Bank on this important issue as they join the Living Wage movement."

"The best employers are voluntarily signing up to pay the Living Wage now.

"The Living Wage is a robust calculation that reflects the real cost of living, rewarding a fair day's work with a fair day's pay."