According to a document seen by reporters on Monday, HSBC will provide certain of its British employees a one-time payment of 1,500 pounds ($1,830) to help them with living expenses.
The bank so became the most recent British institution to increase staff pay as the nation struggles with inflation levels not seen in the nation for forty years.
The memo stated that the one-time payment would be applicable to a few low-paying positions and that it was necessary to help staff “avoid financial hardship.”
Earlier on Monday, HSBC announced higher-than-anticipated profits and upgraded its return outlook as rising interest rates increase its income.
Rival companies NatWest, Barclays, and Lloyds have all given thousands of their employees raises or one-time payments to assist them to adapt.
Unite an employee organization, applauded the action by HSBC and stated: “The union will continue to push to ensure that all staff receive a fully-consolidated pay raise to ensure that pay rates stay up with living costs.”
The message stated that HSBC will later take into account the longer-term effects of inflation for all employees as part of its routine yearly compensation review.
