THOUSANDS of staff working for the UK’s largest building society are set to get a bumper bonus to help with the cost of living.
Inflation hit 9.4% last month and with energy bills predicted to rise to £5,300 this winter many households are struggling to make ends meet.
The bonus will be available to staff later on this year.
In response to the rapid rise in the cost of living, Nationwide has decided to pay its staff a £1,200 bonus.
The building society says it will make the payment to around 11,000 staff.
The top bosses and those earning £35,000 or more won’t get the bonus
However, those that earn under £35,000 will get the payment later on this year.
Nationwide estimates that the payment will be available to 61% of its total workforce.
Debbie Crosbie, chief executive officer at Nationwide, said: “The months ahead will be worrying for many people and we’re always considering new ways to help our members.
“But rising prices affect our colleagues too and that’s why we’re providing this additional support.”
The move follows HSBC, Barclays, Lloyds, NatWest, Santander and Virgin Money, who’ve previously given staff a cost of living bonus.
HSBC junior employees are set to receive a £1,500 payment to help with the cost of living this month.
Around 35,000 Barclays staff members have already seen their pay rise by £1,200 a this month.
Lloyds said last month it would also hand out a £1,000 bonus to staff to help them through the cost of living crisis.
It is offering the money to over 64,000 members of staff – that means 99.5% of the bank’s employees.
NatWest agreed in July to give those who earn less than £32,000 across the bank an additional 4% salary increase.
Santander announced in July that 11,000 UK employees would receive a 4% pay rise due to the cost of living crisis and inflation according to Reuters.
Employees earning under £35,000 would be eligible for the pay rise covering 60% of their work force.
The company revealed it will offer a £1,000 one-off bonus to thousands of staff.
The banking group will give the lump sum to employees earning £50,000 a year or less – this works out as 78% of its workers.