TSB and Aldi reveal new bonuses for staff in cost-of-living crisisJuly 25, 2022
TSB to hand out £1,000 cost-of-living bonus to 4,500 staff as Aldi reveals a SECOND pay rise for workers since the start of year as inflation surges
- TSB and Aldi have announced financial support for a combined 30,000 people
- The announcements come as inflation reaches a 40-year high of 9.4 per cent
- It follows pay increases from rivals such as Lloyds Bank and Tesco
- Families across the UK are struggling to afford energy bills, food and fuel
TSB and Aldi are the latest companies to announce financial support for their staff in the midst of the ongoing cost of living crisis.
The announcements come as inflation has soared to a 40-year high and families have struggled to pay rising costs of energy bills, food and fuel.
TSB said 4,500 staff will be given an £1,000 bonus while Aldi will give 26,000 workers their second pay rise since the start of the year.
Inflation has now reached 9.4 per cent and ONS data showed the cost of motor fuels jumped by 42.3 per cent in the 12 months to June reaching an average of 184p a litre – the biggest leap since records began.
The headline CPI rate climbed to an eye-watering 9.4 per cent in June, up from 9.1 per cent the previous month. The increase was even bigger than analysts had expected, and sets another peak since February 1982
Data has showed shoppers have felt the impact of the crisis as ONS statistics showed the number of items bought in June was down 6 per cent from the previous year.
The research showed 89 per cent of people are experiencing a rise in living costs, up from 62 per cent in November last year.
The ONS said the largest upward effect came from essentials such as milk, cheese and eggs, but big price rises were also seen for vegetables, meat and other food products, such as ready meals.
Now TSB and Aldi have become the latest companies to help their employees battle fast-rising prices.
The £1,000 bonus will be given to all workers at TSB earning £35,000 or less – regardless of whether they work full or part time.
Aldi, which owns 970 supermarkets in the UK, has increased its minimum pay to £10.50 an hour and £11.95 for those in Greater London, benefiting 26,000 workers.
This comes only five months after workers were given an increased pay to £10.10 from £9.55, and to £11.55 from £11.07 within the M25.
But statisticians have said the 4.3 per cent pay rise in June is not inline with the record-breaking rate of inflation.
Caren Evans, the national officer for trade union Unite, said: ‘Unite was able to successfully demonstrate to TSB that the lowest paid members of staff are struggling to meet their costs of living.
Giles Hurley, chief executive officer of Aldi UK and Ireland, said: ‘Our new rates of pay maintain Aldi’s position as the UK’s highest paying supermarket.
‘This announcement recognises the amazing contribution our colleagues make in serving local communities across the country.’
TSB follows in the steps of Lloyds and Barclays, who have made similar payments to employees and Aldi’s pay rise announcement comes after rivals Tesco, Sainsbury’s, Asda and Morrisons all increased staff pay.
In June Lloyds Bank announced a one-off £1,000 payment to over 64,000 staff, while Barclays gave its workers a £1,200 pay rise.
Meanwhile the public sector has demanded pay rises of up to 12 per cent.
Some economists are predicting inflation may reach as much as 12 per cent in October as the cost-of-living crisis continues.
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