Over 35,000 Barclays PLC (LSE:BARC) employees will receive a £1,200 pay rise to help alleviate the rising cost-of-living crisis.
Customer-facing and junior workers can expect the hike to take effect from 1 August, while the usual company-wide annual pay review will still be conducted in March 2023.
“Barclays will continue to monitor the economic situation globally and consider our approach to pay in each country in the local context,” the lender commented.
Staff will also benefit from greater pension contributions and overtime payments, given that it is not a one-off payment.
Trade union Unite claimed it had talks with the bank’s management and urged for action to be taken on falling real wages.
It came just a couple of weeks after Lloyds Banking Group PLC (LSE:LLOY) handed a £1,000 bonus to most of its staff to be paid in August.