Barratt Developments is set to give its workforce a second £1,000 payment to help with the cost of living crisis.
The Leicestershire housebuilder – which last month forecast that pre-tax profits for the year were set to be around £972 million – said some 95 per cent of staff would benefit.
David Thomas, chief executive officer of the Leicestershire-based firm, told staff in a letter on Tuesday that they will receive the money in equal instalments over the first half of 2023.
The business said the bonus will go to more than 6,800 workers and will not affect other pay related benefits, such as pension contributions.
It comes four months after Barratt handed out an initial £1,000 payment to a workforce facing the highest inflation in 40 years.
Barratt said it has also extended its private medical insurance cover to all employees for the first time.
In the letter, Mr Thomas said: “Following the political and economic changes we have seen in recent weeks, including a new Government, we wanted to offer colleagues some reassurance and certainty in the months ahead.
“This is why we have taken the decision to repeat the temporary salary supplement in the New Year.
“I know people are already doing as much as they can to manage their household budgets during this difficult time, with the continued economic and political uncertainty contributing to rising inflation, higher interest rates, and increases in the cost of living.
“This is why we want to build on the measures we’ve already taken to support colleagues and help ease their concerns.”
Last month the housebuilder said its outlook for the year was “less certain” amid rising interest rates but said completions were due to be on track with the previous financial year.
Back in July the business warned that build cost inflation of 6 per cent last year had now risen to between 9 per cent and 10 per cent due to escalating energy costs, fuel cost inflation for transport and other factors.
Barratt, which has its historic roots in the North East, gave its workers an “accelerated” 5 per cent pay rise on April 1, along with an additional one-off £1,000 to all employees below senior management level – phased over six months.
