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Lloyds Banking to pay £1000 cost of living payment to most staff

Published: 16:13 13 Jun 2022 BST

Lloyds Banking Group PLC -

Lloyds Banking Group PLC (LSE:LLOY) will give all staff below senior management level a £1,000 summer bonus "designed to help" during with the rampant rise in the cost of living.

The FTSE 100-listed lender will make the payment alongside their workers' August pay packets, according to an internal memo leaked to media.

With just over 64,000 staff members due to receive the one-off payment, it will be a tiny fraction of the hundreds of millions that Lloyds paid out to senior bankers in bonuses earlier this year in what was the biggest bonus payout since the 2008 financial crisis.

"As the rising cost of living continues to impact our people and our customers we've been assessing the evolving outlook for inflation and considering how we can support you even further," the memo said.

"With that in mind, I wanted to let you know we'll be making a one-off payment of £1,000 to all our people in grades A - G which you'll receive in your August pay.

"This support is designed to help you during these uncertain economic times and is in addition to the steps we've already taken to increase the support available both to you and our customers."

Many companies have been upping pay but it has not been keeping track with inflation, with real wages sinking 1.2% in the first three months of 2022 – the biggest decline in nine years.

  

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