A SILSDEN-based building society has received recognition for its commitment to fair pay.

The Ecology has been awarded a coveted accreditation by the Living Wage Foundation.

"We believe that gross inequality has an environmental cost which is why we were among the first organisations in the UK to implement a fair pay ratio to limit maximum salaries," said the society's chief executive, Paul Ellis.

"While all our salaries already exceed the living wage, accreditation demonstrates our commitment to maintain this as well as ensuring that all contractors working on our premises will also be paid the living wage.

"Our employees and contractors play a vital role in helping to deliver our mission to build a greener society and we believe that fair pay helps us reap business benefits, such as lower staff turnover and improved customer satisfaction."

Sarah Vero, director of the Living Wage Foundation, said she was delighted the Ecology had received accreditation.

She added: "The living wage reflects the real cost of living and we want to ensure as many people as possible are assured a fair day's pay for a fair day's work.

"The best employers are voluntarily signing-up to pay the living wage."

The Ecology, based in Belton Road, says it ensures all its 27 employees are paid at least £8.25 an hour.

That compares to the current national minimum wage of £6.70 an hour for workers aged 21 and over and the new living wage of £7.20 an hour for those aged 25 and older, which comes into effect in April.

The society was established in 1981, after a Yorkshire solicitor had complained at a Green Party conference about the difficulty of obtaining a mortgage for a property needing extensive renovation.

Ten people each gave £500 to get the organisation off the ground and it began trading from a tiny upstairs office in Cross Hills.

Within four years, the society had more than 1,000 investors and assets of £1.25 million.

In 2003 it relocated to its award-winning eco-headquarters and within four years membership had broken through the 10,000 mark.

Assets topped £124 million in 2013.