Cash boost

Bank staff to get £1,000 cost of living bonus

Uberior House, Lloyds
Lloyds group staff will receive the payment

Bank of Scotland staff have been offered a cash handout by parent company Lloyds Banking Group to help with the cost of living.

Staff below senior management will receive a £1,000 summer bonus in their August pay packets, according to an internal memo.  Lloyds Banking Group said 64,182 staff will benefit from the offer.

“As the rising cost of living continues to impact our people and our customers we’ve been assessing the evolving outlook for inflation and considering how we can support you even further,” the memo said.

“With that in mind, I wanted to let you know we’ll be making a one-off payment of £1,000 to all our people in grades A – G which you’ll receive in your August pay.

“This support is designed to help you during these uncertain economic times and is in addition to the steps we’ve already taken to increase the support available both to you and our customers.”

The payout comes after an announcement in March that the group would close 60 branches – 24 Lloyds Bank, 19 Bank of Scotland, and 17 Halifax, affecting 124 jobs.

In May, trade union Unite demonstrated outside Lloyds’ annual general meeting in Edinburgh following a vote among its members that rejected the company’s pay offer.

Yesterday, Sharon Graham, Unite’s general secretary, said: “Staff will welcome the £1,000 bonus but there is still a long way to go to eradicate low pay in what is one of the economy’s most profitable sectors.”

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