On Monday, Britain’s largest domestic bank, Lloyds, informed employees that the great majority of them will get a one-off 1,000 pound ($1,220) payment to help with the rising cost of living.
According to a memo seen by reporters, the offer was made to about 64,000 employees of the firm, with executives and senior managers exempted from the payout.
The move shows the demands on firms to help employees cope with price increases, with the Bank of England predicting that inflation in the UK will surpass 10% later this year.
The one-time payments would be made in August, according to the document, and Lloyds would consider the economic situation in its compensation negotiations with staff for 2023.
In May, the employee union Unite staged a protest outside Lloyds’ annual general meeting in Edinburgh to draw attention to the problems of bank employees who are having to pay for food, fuel, and heating.
“The 1,000-pound bonus will be welcomed by staff, but there is still a long way to go to eliminate low pay in one of the economy’s most profitable sectors,” said Sharon Graham, Unite’s general secretary.
