The Co-operative Bank has awarded its staff a £1,000 pay rise, due to take place in September, to support them amid the cost-of-living crisis.
According to the bank, around 95% of its 3,000-plus employees will be eligible for the pay rise, while the remaining 5% who are on the highest salaries will not receive an increase.
This is the second move the bank has made recently to assist its staff, as it made a one-off cash payment to lower paid workers earlier this year, in order to help them cope with soaring energy, food and fuel bills.
Nick Slape, chief executive officer of Co-operative Bank, said: “While the economic outlook remains uncertain as we wait to see the full impact of higher inflation and cost-of-living pressures, we remain committed to helping customers and colleagues during these challenging times and services are available to anyone requiring support.
“We made the decision in the first quarter to make a one-off payment to lower-paid colleagues, and we have also committed that from September we will increase the annual salaries we pay to colleagues by £1,000 full-time equivalent. This change in base pay will apply to approximately 95% of colleagues across the bank, excluding those already on the highest salaries.”
The bank is the latest in a line of employers to give their employees a pay rise or one-off payment in order to help them with the rising cost-of-living. Earlier this week, price comparison website Moneysupermarket announced a one-off £2,000 payment to employees that earn £55,000.
Meanwhile, banking group TSB will give 4,500 of its employees a £1,000 bonus consisting of two £500 payments in October 2022 and February 2023. These will be paid to those in its three most junior grades who earn on average up to £35,000, which is the equivalent of 76% of its staff.