Housebuilder Taylor Wimpey has pledged to give the majority of its employees an extra £1,000 on top of their salaries to help them cope with rising fuel costs over winter.
The payments, which will be paid in monthly instalments starting from September and ending next February, will be awarded to workers on salaries of up to £70,000, with 90% of the workforce being eligible.
According to the business, which employs 5,271 workers across the UK and a further 11,100 operatives on its sites, it made the decision after monitoring the impact of rising inflation and the predicted increase in fuel bills this winter on the cost-of-living.
Jennie Daly, chief executive officer of Taylor Wimpey, said: “Our highly engaged and talented employees are key to driving our business forward. Our industry is facing a skills shortage so attracting and retaining high calibre people is a strategic imperative. We continue to work to attract and retain the very best talent, offering an attractive workplace, with opportunities for training and advancement.
“In advance of our annual salary review process, we recently concluded a benchmarking exercise to ensure competitive levels of pay, alongside our excellent benefits package. In addition to the benchmarking and pay review, we will make a cost of living payment of up to £1,000 for employees receiving an annual salary of up to £70,000.”
This announcement comes after housebuilder Barratt announced it would be providing its 6,000 staff below senior management level with a £1,000 cost-of-living bonus, following a 5% pay rise last month.
Earlier this week, banking group HSBC gave around 18,000 of its lowest paid employees a £1,500 payment. Financial organisations including Barclays, Natwest, Lloyds Banking Group, Co-operative Bank, Virgin Money, TSB and Standard Life Republic of Ireland have all made similar announcements.