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News Every Day |

Major housebuilder to give an extra £1,000 to workers to help with cost of living

Housebuilder Barratt is handing an extra £1,000 to staff to help with the soaring cost of living in the firm’s second cash pay-out this year.

The cash boost will apply to all employees under the firm’s grade 5a tier, meaning 95% of its workforce will benefit from the payment.

PA
A major housebuilder is giving an extra £1,000 to staff to help with the cost of living[/caption]

David Thomas, chief executive officer of the Leicestershire-based firm, told staff in a letter on Tuesday that they will receive the hand-out in equal instalments over the first six months of 2023.

It added that the salary support, which will go to more than 6,800 workers, will not change other pay related benefits, such as pension contributions.

The move comes only four months after Barratt handed out a previous £1,000 payment to staff facing the highest inflation in 40 years.

Barratt said it has also extended its private medical insurance cover to all employees for the first time.

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In the letter, Mr Thomas said: “Following the political and economic changes we have seen in recent weeks, including a new Government, we wanted to offer colleagues some reassurance and certainty in the months ahead.

“This is why we have taken the decision to repeat the temporary salary supplement in the New Year.

“I know people are already doing as much as they can to manage their household budgets during this difficult time, with the continued economic and political uncertainty contributing to rising inflation, higher interest rates, and increases in the cost of living.

“This is why we want to build on the measures we’ve already taken to support colleagues and help ease their concerns.”

It comes a month after the housebuilder said its outlook for the year was “less certain” amid rising interest rates but said completions were due to be on track with the previous financial year.

It comes as earlier this year Nationwide decided to pay its staff a £1,200 bonus.

The building society says it’s making the payment to around 11,000 staff members. 

The top bosses and those earning £35,000 or more won’t get the bonus.

However, those that earn under £35,000 will get the payment in two instalments – the first £600 which was paid last month, and the next in December.

Nationwide estimates that the payment will be available to 61% of its total workforce.

The move follows HSBCBarclaysLloyds, NatWest, Santander and Virgin Money, who’ve previously given staff a cost of living bonus.

HSBC junior employees received a £1,500 payment to help with the cost of living in August.

And around 35,000 Barclays staff members already saw their pay rise by £1,200 at the same time.

Meanwhile, Morrisons gave 80,000 store and manufacturing staff a 2% pay rise starting from last month.

The supermarket chain is upping its wages for those members of staff to £10.20 an hour.

It is understood that after the salary hike, it will be the highest paying UK supermarket.

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However, it’s not the first in recent memory the company has upped staff salaries – last year it hiked pay by 9% for 96,000 staff.

You can read a bigger list of companies awarding cost of living bonuses to staff here.









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