Hinckley & Rugby Building Society has given staff a one-off payment of almost £700 to help them through the cost-of-living crisis.
As day-to-day prices keep going up and the average household’s yearly home energy bill set to rise from £1,971 to £3,549 from October, almost 150 staff, from across the mutual's head office and branch network in Leicestershire and Warwickshire, will get the money with their August salaries. The extra payment will not be given to executive committee members or board members.
Chief executive Colin Fyfe said: “Our purpose is, and always will be, to support the financial security of our members. This is only possible by ensuring that our staff are supported to provide the high standards of service which benefit our members.
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“And, as inflation continues to rise, we recognise that our staff too are feeling the pinch and may be anticipating difficulty over the next few months and beyond.
“Knowing the clear link between financial pressures and poor mental health, we believe that this payment, in addition to other measures we have introduced, will provide some welcome support.”
Earlier this year, the society launched a grant scheme giving staff in particular need of financial help the chance to apply for up to £1,000 of support.
The latest Ofgem home energy cap will come into effect on October 1, but Ofgem warned that some suppliers could start to increase direct debits before then to spread costs.
It will remain in place until December 31, when it will be adjusted again, with latest forecasts warning bills could surge again to around £5,400 in January and around £7,000 in April.
The regulator, energy sector and charities have been united in calling on the Government to increase its support for households who were facing “the bleakest of winters”.
Ofgem’s chief executive Jonathan Brearley urged the incoming prime minister and new Cabinet “to provide an additional and urgent response to continued surging energy prices”.
