Moneysupermarket gives employees £2,000 for rising living costs

Moneysupermarket livingPrice comparison website Moneysupermarket has revealed that it will award a one-off £2,000 payment to half its workforce in September, to help with the cost-of-living crisis.

The business, headquartered in Wales, will give the bonus to employees that earn £55,000 and below, which equates to almost 50% of its around 700 members of staff.

The announcement was made in the firm’s interim results, which stated that its revenue grew by 19% in the six months ending 30 June 2022, while group revenue was at £193.2 million, compared with £162.3 million in 2021. Profit after tax was £33.7 million, a 20% increase from £28 million in 2021.

Peter Duffy, chief executive officer at Moneysupermarket Group, said: “Every day Moneysupermarket colleagues deliver our purpose by helping households find more ways to save money, we’re doing all we can to help the British consumer. As the cost-of-living crisis bites, our purpose has never been more important and we’re mindful of the pressures of rising costs on households across the UK, including our own people. We hope that this one-off payment will support our colleagues who may find themselves most affected.

“We’ve performed well with strong profit growth despite some mixed end markets. At the same time we’re making strategic progress towards becoming a flexible tech-led savings platform, with all our core data now in Google Cloud Platform.”

Several other employers have recently introduced payments or bonuses to help with rising living costs. Last week, financial services business Virgin Money awarded staff a one-off cost-of-living payment of £1,000. A total of 78% of its permanent and fixed-term staff were eligible, being paid £50,000 or less.