Nationwide Building Society has awarded its more than 11,000 members of staff with a £1,200 one-off payment as it increases support during the cost-of-living crisis.
The payment has been introduced for those who earn £35,000 or less per year, which is 61% of its 18,000-strong workforce. It will be paid in two instalments of £600, with one in October in line with the anticipated increase in energy costs and one in December.
This is in addition to a 4.5% pay rise for all staff that was announced in the building society’s annual pay review earlier this year. It also raised the base salaries of 4,000 of its lowest paid workers by around 5% at the end of March in response to the rising cost-of-living.
In addition, all frontline members of staff will receive training next month to provide additional cost-of-living help for customers through face-to-face, telephone and video appointments, as well as virtual and in-branch events. These will provide practical help with managing money and avoiding financial pitfalls.
Debbie Crosbie, chief executive officer at Nationwide Building Society, said: “The months ahead will be worrying for many people and we’re always considering new ways to help our members. But rising prices affect our colleagues too and that’s why we’re providing this additional support.”
The building society is the latest employer to provide its lowest paid staff with a cost-of-living payment or pay rise, as financial organisations HSBC, Barclays, Natwest, Lloyds Banking Group, Co-operative Bank, Virgin Money, TSB and Standard Life Republic of Ireland have all made similar announcements over the past few months.
Earlier this month, banking group HSBC gave around 18,000 of its lowest paid employees a £1,500 payment to help with rising living costs, due to be made in their August pay round. Meanwhile, TSB awarded 4,500 of its workers with a £1,000 bonus as a result of the cost-of-living, which will consist of two £500 payments in October 2022 and February 2023.