PenFinancial certified living wage employer
Credit union unveils new flagship branch
PenFinancial was recognized as the largest private corporation to support the living wage program in Niagara, as the credit union unveiled its new $1.6-million, 450square-metre flagship branch in St. Catharines Thursday.
In addition to ensuring that each of the credit union’s 100 employees earn wages above the $17.57 threshold considered to be a living wage within Niagara — based on cost of living calculations — PenFinancial chief executive officer Ken Janzen said it encourages “all the people we deal with” to also provide a living wage to workers.
Niagara Poverty Reduction Network chair Glen Walker called the credit union’s efforts to promote a living wage “a leadership statement saying we want to help all citizens of our community.”
“A living wage is critical. We have a lot of people living in poverty here in Niagara region,” Walker said. “When we’ve talked to PenFinancial staff, it’s about how can we get others to take on this mantra. Let’s have everybody here in our region have a living wage. How can we ensure that people don’t have to live in poverty, don’t have to use food banks.”
The certification also emphasizes the credit union’s “truly local commitment,” that includes donating 10 per cent of its taxable earnings to the community.
“When it comes to corporate relationships … it’s not about the money,” Janzen said.
“It’s about philanthropic relationships, and it’s about how we do business with each other.”
He said the design of the building, too, reflects the credit union’s communityfocused ideology — featuring a large community room under a glass atrium that will be used to host meetings and activities for community organizations.
While Janzen said the new building took about a year and a half to design and build, “we wanted things to go quicker.”
The new Fourth Avenue location replaces branches on Lake Street and near Brock University. There have been no job losses due to the move.