More than 35,000 staff at banking giant Barclays are to receive a £1,200 pay raise to help with the cost-of-living crisis. The high street lender said the salary hike, which will take effect from August 1, is for customer-facing and junior employees.
It brings forward an annual pay review which would normally have taken effect in March next year. There will be the usual wider group annual pay review for all staff in the "near future", which will take effect in March 2023, the company said.
A spokesperson for Barclays said: "Barclays will continue to monitor the economic situation globally and consider our approach to pay in each country in the local context." Unite welcomed the move, which it said came after the union held talks with Barclays management and called for it to take action to help staff facing soaring costs.
Dominic Hook, Unite national officer, said: "Unite has won this significant financial recognition for our members across Barclays. This is a victory for Unite as the union made sure staff concerns were heard at the highest levels of the bank.
"As all employees face significant cost-of-living increases, Unite has campaigned to ensure that this bank recognised the need to act." Unite added that staff would also benefit from higher pension contributions and overtime payments as it was a salary rise and not just a one-off payment.
It follows moves by other companies to help employees struggling in the cost crunch, with Lloyds Banking Group revealing earlier this month that it would hand a £1,000 cash bonus to the vast majority of its staff in August. Accountancy group PwC also announced the biggest pay increase for employees in 10 years this week, putting more than £120million into the move, which will see 70% of staff receive at least a 7% increase, with 50% getting a rise of 9% or more.
