Nationwide is offering workers a £1,200 payment to help offset the cost of living crisis. Most members of staff - 11,000 people - are eligible for the bonus.
The payment, which is limited to those earning less than £35,000, will be given to around 61% of its staff base. Nationwide is paying out the bonus by the end of the year, with the first £600 payment arriving in October and the second in December.
Nationwide is joining the likes of HSBC and Barclays who are offering employees one-off bonuses amid the cost of living crisis, the Mirror reported. The move comes as inflation hits 9.4% and household bills are predicted to rise above £5,000 by January 2023.
Debbie Crosbie, Nationwide's CEO, said: "The months ahead will be worrying for many people and we're always considering new ways to help our members. But rising prices affect our colleagues too and that's why we're providing this additional support."
Nationwide are not the first to support their staff during the cost of living crisis. The move follows HSBC, Barclays, Lloyds, NatWest, Santander and Virgin Money who have already announced extra payments for their workforce.
Some 35,000 Barclays staff members have received a £1,200 pay rise this month, while HSBC junior employees are set to receive a £1,500 bonus.
Lloyds is offering £1,000 bonus to over 64,000 members of staff, which is 99.5% of the bank’s employees. Meanwhile, at NatWest, those who earn less than £32,000 across the bank will receive an additional 4% salary increase.
Reuters also reported that 11,000 Santander employees would receive a 4% pay rise. Employees earning under £35,000 would be eligible for the pay rise covering 60% of their workforce.
On top of this, the company revealed it will offer a £1,000 one-off bonus to 78% of its employees who earn £50,000 a year or less.
A study by advisory firm BDO showed that half of UK businesses are giving one-off bonuses to support workers through the cost of living crisis.
The survey involved 500 leaders of medium-sized businesses. It revealed that the combination of rising energy costs, inflation and the cost of living poses the greatest challenge to most in the next six months.
More than half of the businesses interviewed said they are raising pay by between 4% and 8% with more than a quarter increasing pay by 9% or more to compensate for rising costs.
Other support includes allowing more flexible working-from-home policies to reduce travel costs, childcare support benefits, free meals at work, or shopping vouchers.
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