The West Brom Building Society has awarded 430 of its employees a one-off £1,200 support payment in response to the rising cost-of-living.
According to the building society, which employs around 615 members of staff, the payment has been targeted at those earning £35,000 or less per year, with 70% of its workforce benefiting. It will be made in four instalments of £300, between October 2022 and January 2023, and will also be extended to contractors who work on site, primarily for maintenance and cleaning.
This announcement follows the building society launching a financial hardship support fund for staff earlier this year, as well as a performance-related pay award of 5% for its employees.
Jonathan Westhoff, chief executive at West Brom Building Society, said: “As a mutual organisation, our purpose is to support people’s financial wellbeing and we’re committed to doing right by our colleagues, customers and communities. We hope that this one-off payment, coupled with our existing measures, goes some way to easing any financial burdens our colleagues may face in the coming months.
“Earlier this year we announced the provision of a financial hardship support fund, which was set up to provide a helping hand to colleagues who suddenly find themselves in financial difficulty. While we’re pleased to be able to offer this, we wanted to do more to help ease any financial burdens.”
West Brom is not the only building society offering support to its workers, as a few weeks ago Yorkshire Building Society awarded the majority of its employees a one-off £1,200 payment in order to boost its financial support and help with rising costs.