Barclays is giving 35,000 of its UK-based staff a £1,200 pay rise to tackle the cost of living.
The banking giant will provide this salary increase to customer-facing, branch, and junior support workers from 1 August.
“Barclays will continue to monitor the economic situation globally and consider our approach to pay in each country in the local context,” the bank said today.
The salary rise brings forward Barclay’s annual pay review which normally would have taken place in March 2023. The annual pay review for all staff will still take place then.
The UK’s cost of living crisis has seen companies hike pay for employees as inflation in the country soared to 9.1%, a 40 year high.
The surging inflation has made London the world’s 4th most expensive city.