Saga, a provider of products and services for people aged 50 and over, has given its lowest-paid employees a £500 cost of living payment in their latest pay packet.
The business, which employs more than 2,500 people, informed its workforce of this decision in an internal memo. It also outlined plans to bring forward its annual pay review for all employees below its leadership team, with staff set to receive a 5% increase to their base pay in December.
This will replace its usual pay review in February 2023, where the lowest-paid staff will also receive another £500, subject to the tax and national insurance (NI).
According to Saga, it introduced these payments in order to be proactive in creating a positive workplace, and to support its workforce against additional pressures on household budgets for the next two years.
The Saga senior leadership team said in the memo: “We will continue to review the cost of living pressures during 2023 and will update if more action is required and then return to the normal February pay review cycle in 2024. I hope these measures help you and your family and it is our way of saying another thank you for your hard work, commitment and dedication to serving our customers in an exceptional way every day.
“I hope this goes someway to supporting you, through what is an unprecedented time for our economy. Let’s keep talking too. If you need support please speak to your manager or use any of our support channels.”
Through its reward portal, Saga employees currently have access to benefits that include an employee assistance programme (EAP), mental health first aiders, a hardship fund and retail and supermarket discounts. Staff can also work from the business’ Enbrook, Crawley or London hubs depending on what suits them.
Roisin Mackenzie, culture and engagement director at Saga, will be giving a presentation titled ‘Happy, healthy and productive teams through hybrid working’ at Employee Benefits Live 2022 at the ExCeL in London on Thursday 6 October at 11am in Theatre One.
Sponsored by Apryl and part of the conference’s HR and benefits strategy stream, the session will look at how to set up teams for success, engagement of staff and Saga’s new way of working, wellbeing for its hybrid model and way of working initiatives, and benefit and policy design during and post- Covid-19 (Coronavirus) pandemic.