Yorkshire Building Society has awarded the majority of its employees a one-off £1,200 payment in order to boost its financial support and help with the rising cost-of-living.
All eligible members of staff will receive the payment in September, subject to the usual deductions. Chief officers, directors and any employees working their notice following resignation will not be entitled to the payment.
This is in addition to a £1,000 salary increase for the same group of workers earlier in the year, as well as an average 10.6% pay rise that 740 of its front-line staff received in January.
Orlagh Hunt, chief people officer at Yorkshire Building Society, said: “The rising cost-of-living is undoubtedly causing many people concern, and as an organisation that prides itself on helping households, we’ve looked at a number of ways we can support people through this challenging period.
“We’ve maintained our commitment to paying all colleagues in line with, or above, the real living wage and have invested significantly in our pay awards earlier in the year. But we also recognise that our colleagues are facing real cost of living challenges right now. So, in line with our purpose to offer real help with real life and our mutual status, we can invest for the benefit of members and our people. We hope this one-off payment will go some way to easing the burden many feel.”
Yorkshire Building Society is one of many financial institutions supporting staff through the cost-of-living crisis, including Nationwide Building Society, which earlier this week awarded more than 11,000 of its staff with a £1,200 payment.
