UK-based consumer goods company Unilever has announced a series of initiatives to raise the living standards across its value chain to help build a more inclusive society.

The company has committed ensuring that everyone associated across its value chain will earn a minimum living wage or income by 2030.

The initiative will include paying at least a living wage to all those who provide goods and services to the company, as well as securing the same beyond its workforce.

Unilever will also provide five million small and medium-sized enterprises (SMEs) in its retail value chain with access to skills, finance and technology by 2025, and help them to grow their businesses.

Unilever CEO Alan Jope said: “The two biggest threats that the world currently faces are climate change and social inequality. The past year has undoubtedly widened the social divide, and decisive and collective action is needed to build a society that helps to improve livelihoods, embraces diversity, nurtures talent, and offers opportunities for everyone.

“We believe the actions we are committing to will make Unilever a better, stronger business; ready for the huge societal changes we are experiencing today – changes that will only accelerate. Without a healthy society, there cannot be a healthy business.”

The company will also spend €2bn a year with diverse suppliers owned and managed by people from underrepresented groups by 2025.

It will also help in training ten million young people and imparting them with essential skills to prepare them for job opportunities by 2030.