I. Purpose
This policy aims to ensure that all employees of Envision Pharma Group ("EPG") are compensated fairly and earn a living wage, defined as the minimum income necessary for an individual or family to meet basic needs, including food, housing, healthcare, transportation, and other essentials – without reliance on government assistance or financial hardship schemes.
II. Scope
This policy applies to all full-time, part-time, and contract employees at EPG. It is applicable in all regions where we operate and aligns with local living wage calculations.
III. Our commitment
Living wage commitment
EPG is committed to paying all employees a living wage, which exceeds the statutory minimum wage and reflects the cost of living in the areas where we operate. The living wage is determined using reputable living wage benchmarks such as MIT’s Living Wage Calculator or national wage standards set by local authorities or non-governmental organizations.
Regular review
The living wage rates will be reviewed annually to account for inflation, cost-of-living changes, and updated data from credible living wage organizations. Adjustments will be implemented promptly to ensure our employees’ wages reflect current living conditions.
Fair pay
In addition to guaranteeing a living wage, EPG upholds a commitment to fair compensation independent of gender, race, ethnicity, or any other status.
Support for employee well-being
In addition to a living wage, EPG provides benefits to support employee well-being, including health insurance, retirement plans, paid time off, and professional development opportunities.
IV. Action
The Human Resources department will oversee the implementation and monitoring of this policy. Managers and supervisors are responsible for ensuring that wage practices within their teams comply.
V. Review
This policy is effective as of November 1, 2024, and will be reviewed on an annual basis to ensure ongoing relevance and compliance with living wage standards.
Effective date: November 1, 2024