More than 64,000 employees at Lloyds Bank will receive a £1,000 one-off payment in order to help with the rising cost of living in the UK.
The payment, which is due to be made in August, will be given to 99.5% of staff but not to senior management or executives. This announcement comes after a campaign by the union Unite, which demonstrated at Lloyds' annual general meeting last month.
According to an internal memo, the bank said it had been assessing the evolving outlook for inflation and the rising cost-of-living, and considering how it can support staff even further.
It explained that the support has been designed to help during the current uncertain economic times and is in addition to the steps it has already taken to increase the assistance available. Its decision to make the payment required a “careful balance” of being able to continue to help, while ensuring it manages costs and commitments as a business over the long term.
The memo to staff stated: “We’ve re-launched our Healthy Finances Hub and brought together all the financial wellbeing support available to you, from conversations with money experts and budgeting advice, to our dedicated employee assistance programme and tools for line managers and teams. We continue to help with financial health checks and support to manage debt and spending. And as we commence our preparations for our 2023 pay negotiations in the coming weeks, we’ll continue to take the current economic environment into consideration.”
Sharon Graham, Unite's general secretary, said: “Unite members' collective action has put desperately needed money into the pockets of staff on the front line. Staff will welcome the £1,000 bonus but there is still a long way to go to eradicate low pay in one of the economy's most profitable sectors.”
