Nationwide has joined a number of companies to offer one-time bonuses as families grapple with the cost of living crisis
Nationwide has announced it will pay 11,000 employees a £1,200 bonus to help with the cost of living crisis.
The bonus will not be awarded to anyone in the company earning a salary of £35,000 or more, meaning around 61% of Nationwide employees are eligible for the payment.
Eligible employees will receive the money in two installments, with £600 paid in October and the other £600 paid in December this year.
Nationwide Chief Executive Officer Debbie Crosbie said: “The coming months will be a worrying one for many people and we are always thinking of new ways to help our members.
“But rising prices are also affecting our colleagues and that’s why we’re offering this extra support.”
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Nationwide’s bonus payment follows similar moves by HSBC, Barclays, Lloyds, Natwest, Santander and Virgin Money, all of which have also announced additional payments for workers.
Around 35,000 Barclays staff received a £1,200 pay rise this month and HSBC junior staff are set to receive a £1,500 bonus.
Lloyds is offering a £1,000 bonus to more than 64,000 employees and Natwest is giving those earning under £32,000 an extra 4% pay rise.
Reuters reported that 11,000 Santander workers earning less than £35,000 would also receive a 4% pay rise.
The hourly rate for “warehouse selectors”, the most common role in its distribution centres, will rise to £12.66 an hour – a 9% increase from rates in January 2022.
For unsocial working hours, nighttime pay for warehouse workers will increase from 20% to 25%.
These new rates exceed the Living Wage Foundation’s recommendation for a real living wage of £9.90 an hour nationally.