Inflation is at a record level in the UK. As a result, the product’s price is increasing by leaps and bounds. In this situation, Barclays has announced an increase in the salaries of its employees to help them cope with the high cost of living. The British Bank will increase the annual wages of 35,000 UK workers by 1,200 pounds.
According to Barclays, the increase is being made as part of the bank’s annual salary review program for customer-based, branch, and junior support staff. The new salary will be effective from August 1. Employees Union Unit has welcomed the initiative to increase the salary. However, the coalition said it was a preferred initiative rather than a one-time incentive.
Employers are increasingly under pressure to help mitigate the effects of price increases on employees. Inflation in the UK rose to a 40-year high of 9.1 percent in June 2022. Its rival Lloyds Bank also offered a one-time incentive of 1,000 pounds to most employees in June.
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