“Our employees power Meridian’s purpose and we have a commitment to support their financial security and economic well-being,” says Jay-Ann Gilfoy, president and CEO of Meridian. “As a Certified Living Wage Employer, we are building resilience and wealth in the communities where we live and work.”
Pathwise Credit Union in Oshawa, Ont. also became a living wage employer in 2020.
But a 2014 report from the Fraser Institute said that living wage policies cause employers to cut back on jobs, hours and on-the-job training, along with hiring more qualified workers at the expense of those with fewer skills to offset some of the higher wage costs.
Living wage benefits
Paying workers a living wage is beneficial to workers and employers alike, according to Meridian. Employees who earn a living wage experience increased mental and physical health, and economic well-being.
Also, employers paying a living wage experience a decrease in employee turnover and absenteeism, increased retention and productivity, and savings on rehiring and retraining.
