Thousands of staff who work for banking firm TSB are to receive a £1,000 bonus to help with the cost of living crisis. The high street bank said the payment will be given to around 4,500 of its workers who earn up to £35,000 a year - around 76 per cent of the workforce.
It will be made in two stages, with £500 in October and the remaining £500 next February. The news has been welcomed by trade union Unite who said it had successfully secured the payout on behalf of workers.
National officer Caren Evans said: “Unite was able to successfully demonstrate to TSB that the lowest paid members of staff are struggling to meet their costs of living. The agreement announced today is welcome news for over 4,000 staff, and the £1,000 payment will be given to all those regardless of whether they are full- or part-time workers.”
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A spokesman for TSB said: “We know that the rising cost of living is a concern for many of our colleagues, so we will be supporting eligible colleagues this winter with an additional cost-of-living payment of £1,000.”
The group added that the payment also comes on top of a salary increase and bonus already paid to colleagues in March, which saw it hike its starting salary to £21,000 a year for all employees.
It comes days after bank Virgin Money announced it would be giving the majority of its staff a £1,000 one-off bonus to help with the soaring cost of living. Lloyds Banking Group and Barclays are also making similar payments to employees.
Households are set to come under severe financial pressure this year, with inflation already running at 9.4% and expected to surge above 11% in the autumn when the energy price cap is hiked once again.
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