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Lloyd's pay rise.


Britain's most significant domestic bank Lloyds has offered UK staff a minimum 2,000 pounds pay rise, a source with knowledge of the talks told Reuters, as lenders and employees across the sector begin annual pay talks that could see wage bills soar. Companies across Britain are weighing how much to increase staff pay as the end of the year approaches and at a time when double-digit inflation is crushing the finances of particularly lower-paid workers. Lloyds has offered staff either a 2,000-pound pay rise or a 5% salary - whichever is greater - up to a maximum of 5,000 pounds, according to a notice published by union Unite to its members. The pay offer equates to an increase next year of between 8-13% for 43,000 staff on lower paid grades, Lloyds said, adding it also included consolidating some bonuses into base salaries for some staff.

Unite said that the 2,000-pound uplift represented an average 10% pay rise for lower-level staff, with the team at higher grades getting a 4% increase. Lloyds was the first central British bank to offer staff an unscheduled pay boost to help them cope with the increased cost of living earlier this year.

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  1. Simon4 November 2022 at 22:15

    Nice of Lloyds to do this especially now when their employees really need this boost. It gives a strong signal for other banks and hopefully some (if not all) will do the same soon. Costs of living are getting out of hand so anything extra does help.

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