Nationwide Building Society is the latest UK business to announce a one-off payment to staff to help with the cost-of-living crisis. The Swindon-headquartered organisation has confirmed it will pay £1,200 to 11,000 staff across the country.
The payment will be targeted at employees who earn £35,000 or less a year - a total of 61% of Nationwide’s 18,000-strong workforce - Nationwide said.
Earlier this year, Nationwide gave its staff a 4% pay rise and raised the base salaries of 4,000 of its lowest-paid workers in response to the rising cost of living.
It comes as new figures show British workers saw their pay lag behind inflation at record levels over the past quarter. The Office for National Statistics (ONS) said regular pay, excluding bonuses, grew by 4.7% over the three months to June - up from analysts' predictions of 4.5%. But the increase is far below the inflation rate, which hit a record 40-year high of 9.4% in June.
Debbie Crosbie, chief executive at Nationwide Building Society, 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.”
The extra cash comes as the UK is facing other big pressures including mass strike action across a number of sectors including trains, buses and communication workers. A number of big businesses have announced one-off payments for workers, as UK households come under mounting pressure as energy bills and food prices soar.
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