Lloyds Bank to pay staff extra £1,000 each to deal with UK’s cost-of-living crisis
Lloyds Bank is set to pay £1,000 bonuses to the vast majority of its UK staff to help them deal with the cost-of-living crisis.
The UK’s biggest retail bank is set to give one-off, £1,000 bonuses to more than 64,000 of its rank-and-file staff, according to an internal memo seen by City A.M.
The bank will pay the £1,000 bonuses to 64,182 of its employees, as part of their August paychecks, at a cost of around £64m.
All in all, the bonuses will be paid out to 99.5 per cent of Lloyds Bank’s employees. Senior managers and executives will however be excluded from receiving the cost-of-living payouts.
The memo notes that the payments are specifically designed to help staff deal with inflation, in the face of Bank of England forecasts showing inflation will hit 10 per cent this year.
Lloyds’ round of bonuses comes amid fierce competition for professional talent amongst the City’s major firms.
The move also comes as employers are increasingly opting to pay out one-off bonuses instead of giving pay rises, as a means of avoiding being locked into inflationary salary deals.