London-headquartered Zopa Bank has raised the minimum salary for its more than 600-strong workforce by more than 20% as a response to the cost-of-living crisis.
The bank raised its base salary to a minimum of £27,000, 25% above the London living wage. It has also provided an additional winter bonus of £500 for all employees on salaries below £50,000.
According to the bank, it made the decision to do this as part of its aim to be an employer of choice, and support employee happiness.
Helen Beurier, chief people officer, Zopa Bank, said: “Zopa Bank always strives to provide a fair and inclusive working environment for all of our people, and we have worked hard this year to further improve our salary and benefits offering despite challenging market conditions. People across the UK are feeling the challenges of inflation and the cost-of-living crisis, so it was particularly important for us to provide more financial support to staff who may need it most.
“We have a number of processes in place to collaborate, understand, and implement the offerings that are most valuable to Zopians, and believe our recognition in several industry awards for culture this year reflects that these policies are meaningful. We look forward to continuing this work into 2023 and beyond, particularly focusing on our diversity and inclusion efforts.”
Other benefits that Zopa Bank offers include 16 weeks of gender neutral parental, maternity, paternity and adoption leave, flexible bank holidays, the option to sell up to five days of annual leave, 15 days of enhanced bereavement leave, including two days for pet bereavement, a health cash plan covering dental work, opticians, reiki and massage for wellbeing, private health insurance, and the opportunity to work from abroad for up to 120 days a year in 13 locations.
It is also in the process of launching menopause care and training some employees to be menopause champions.