Tesco Bank offers staff 1,250 pound 'cost of living' payment

Inflarx NV

19/01/2023 11:58

LONDON, Jan 19 (Reuters) - Tesco Bank, owned by
Britain’s biggest supermarket chain Tesco  TSCO.L , said on
Thursday it agreed to give around 3,400 members of staff a 1,250
pound ($1,540.63) pay increase to help them deal with the
increased cost of living. 
    The bank, which has been around since 1997, said over 90% of
the its workforce were eligible for the extra pay which was
effective from Jan. 8.   
    Usdaw, the union representing the bank's staff, said
following "challenging yet constructive negotiations before
Christmas" it reached a deal with the lender for the uplift to
salaries ahead of an annual pay review in May.  
    "As the cost of living crisis has deepened, Usdaw has
continued to engage with Tesco Bank on what can be done to
support employees through this incredibly difficult time," Usdaw
National Officer Daniel Adams said in a statement.
    Last year, Britain's biggest domestic bank Lloyds  LLOY.L 
offered around 64,000 of its staff a one-off 1,000 pound payment
to help them cope with higher bills. Executives and senior
managers were exempt from the payout.
    Employers are under increasing pressure to pay workers more
as prices rise. The latest data showed inflation in Britain
stood at 10.5% last month after hitting a 41-year high in
October. 
($1 = 0.8114 pounds)
 (Reporting by Farouq Suleiman; editing by Sarah Young)
 ((farouq.suleiman@thomsonreuters.com;))