Santander today pledged to give four per cent pay rises to all 11,000 of its workers on salaries of less than £35,000 a year.
The bank said the pay rises, which will be handed out to around 60 per cent of Santander’s entire workforce, are aimed helping its staff deal with the UK’s cost-of-living crisis.
The bank said it also plans to up starting salaries for its entry level employees to rates of £19,500 a year from the 1 August.
Santander chief executive, Mike Regnier, said: “The increased cost of living is impacting households across the country, so we have looked at how best we can help the majority of our own people who play such important roles for Santander.”
“This 4% pay raise will make a real difference to the majority of our customer facing and contact centre staff who are committed to helping our customers and businesses prosper in the current economic climate.”
The bank noted that it had agreed its pay rises with unions representing its staff, including Advance and CWU.
Santander’s pay hikes come as the latest in a series of private sector pay increases made in response to the soaring inflation and higher living costs.
Last month, car maker Rolls-Royce handed out £2,000 bonuses to 14,000 of its workers after Lloyds Bank handed out £1,000 payments to 64,000 f its staff.