Housebuilder Barratt Homes is to give an additional £1,000 to 95% of its workforce in order to help with the rising cost of living.
More than 6,800 employees under the firm’s grade 5a tier will be eligible for the payment. The support will not change other pay-related benefits, such as pension contributions.
David Thomas, chief executive officer of the Leicestershire-based firm, told staff in a letter on 15 November that they will receive the hand-out in equal instalments over the first six months of 2023.
The move comes after the organisation awarded a previous £1,000 payment to staff in July, after announcing it in its trading update for the year ended 30 June 2022. The business also brought forward its annual salary review from 1 July to 1 April 2022, where it awarded a 5% increase to all eligible employees.
In addition, Barratt Homes has extended its private medical insurance cover to all of its employees for the first time.
The organisation made the decision to repeat the temporary salary supplement in 2023 because it wanted to offer its workforce some reassurance and certainty in the months ahead, following recent political and economic changes.
In the letter Thomas stated: “I know people are already doing as much as they can to manage their household budgets during this difficult time, with the continued economic and political uncertainty contributing to rising inflation, higher interest rates, and increases in the cost of living. This is why we want to build on the measures we’ve already taken to support our employees and help ease their concerns.”