Cost of living: Lloyds offers staff a one-off £1,000 payment to help with bills | Business News

Banking group Lloyds has offered tens of thousands of employees a one-time £1,000 payment to help tackle the rising cost of living.

The country’s largest domestic lender said the funds would be made available in August, according to a Sky News memo.

It is understood that executives and senior management will be exempt.

Lloyds has come under pressure to help its lowest-paid workers cope with soaring inflation, with Unite protesting outside its annual general meeting in Edinburgh in May.

The union later said Lloyds had rewarded shareholders through a dividend payout based on record profits but had ignored the needs of bank branch and service center staff.

It hit the 2022 wage award after a survey it conducted found some workers complained they wouldn’t be able to heat their homes enough after unprecedentedly high energy bills. .

Others, Unite said, have sacrificed future retirement plans by stopping pension contributions in the face of rising inflation – now at a 40-year high.

The campaign at Lloyds is part of a broader union battle for wage increases in line with inflation to offset cost of living crisis. This is clearly demonstrated by the prospect of biggest rail strike since 1989.

However, the prospect of such prizes has the Bank of England warning as it thinks high pay will only fuel inflation in the long run.

It is understood that 64,182 employees across the group – 99.5% of the workforce – will benefit from this payment.

The memo sent to employees read: “As rising costs of living continue to affect our residents and customers, we have assessed the evolving inflation outlook and reviewed how we can assist you further.

“With that in mind, I wanted to let you know that we’re making a one-time payment of £1,000 to everyone with the A – G you’ll receive in your August.

“This support is designed to help you during these uncertain economic times and goes beyond the steps we’ve taken to increase the support available to both you and our customers.”

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