A £720 salary increase and subsidised breakfasts and lunches have been introduced by a Hull city centre business to help staff during the cost of living crisis.
The 55 Group is to put an extra £60 a month in the wages of all staff earning less than £50,000 for at least the next year, with reviews to follow.
Additional National Insurance and tax costs are also being written off, with the move the latest made as employers start to tackle the added burdens being faced. Regional law firm Wilkin Chapman has introduced a £1,000 one-off payment for more than 350 staff, while East Yorkshire's Cartwright & Butler is also adding £1,800 a year to annual salaries.
Read more: Hull City signs up with Sypro for asset management software
The 55 Group chief executive, Gerard Toplass, said it was to help staff with energy, food and transport costs, while hot meals and refreshments will be made available for just £1.50 a day - a 500 per cent saving on daily food costs, he estimates.
Mr Toplass, who is a key figure behind the push to make Hull the co-working capital of the UK, said: “Making sure we support our staff will always be central to our success, which is why all businesses need to consider how they can respond to the collective challenges we are all facing. Given that we already know we are facing further energy cost hikes later this year, it’s crucial that any support is considered and implemented as soon as possible before things worsen, making sure that our staff will be able to weather that storm.
“Every single member of staff eligible for this package has taken it on – illustrating the value to all staff the help will give. The cost-of-living crisis we are facing as a nation doesn’t look set to have an end date, so we intend to continue and adjust this support as we move forward – and our food subsidy offer will be permanent.”
The past year has seen The 55 Group move in to the former HSBC in Whitefriargate after an extensive overhaul, with Mr Toplass underlining how the firm has “always looked to respond to the changing modern world” as it provided a better hybrid working environment.
“This support package is just the latest way we are responding to what is happening in the economy and how it impacts our people,” he added.
The 55 Group, shortlisted for Hull Live Business of the Year in 2021, is the parent organisation for cross-industry businesses that include national framework provider Pagabo, leading risk, management and compliance software company Sypro, social value specialist Loop, and digital-first training platform Tequ.
Simone Smallwood, head of customer services support, said: “Everyone is aware of the challenges from rising costs at the moment, so I’m really pleased to work for an employer that not only acknowledges these challenges but has put in place support that really tackles the key pinch points. The monthly payments will help cover rising energy costs, while the subsidised food offering does the same for food costs for those days I’m in the office.
“We already had a fantastic staff package as it was, but this additional support and response to the real world makes a real and actionable difference to all of us.”
The move comes as it continues to recruit, with growth across the brands.
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