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Daily Mirror
Daily Mirror
Levi Winchester

Metro Bank to give staff 2.75% pay rise to help with soaring cost of living

Metro Bank has confirmed it will give 98% of its workers a pay rise to help with the cost of living crisis.

The bank said eligible employees will see their pay increase by 2.75%.

This comes on top of a previous 5% average salary increase that came into effect in April.

The new salary increase will not apply to the most senior colleagues at the Bank and is independent of an annual pay review due in March 2023.

It comes after Chancellor Kwasi Kwarteng confirmed millions of workers across the UK will benefit from a reversal of the 1.25 percentage point National Insurance hike.

Daniel Frumkin, CEO, said: “We welcome the Government’s timely intervention to help our colleagues deal with the current cost of living crisis.

Metro Bank is giving workers a 2.25% pay rise (Getty Images/Image Source)

“We are pleased to be able to boost the Government’s help with our own by passing on our National Insurance saving and also making an additional contribution.

“The combined effect of the National Insurance saving and the salary increase will make a difference to our colleagues’ monthly take home pay and that’s what matters right now.

“We also believe that a salary increase, as opposed to a one-off payment, will provide much-needed help for the ongoing challenges associated with the cost of living.

“The announcement by the Chancellor has helped us to fund that increase and it is only right that we pass that saving on to our biggest asset, our people.”

Metro Bank isn't the only business increasing pay, or introducing cost of living payments, for staff - we've got a list of 24 companies giving out perks here.

For example, Lloyd Bank gave the majority of employees a financial boost of £1,000 in August, while Nationwide is paying staff an extra £1,200.

Staff at the Co-operative Bank received a £1,000 boost, and the lowest paid workers at HSBC got a one-off payment of £1,500 on their August payslip.

It comes as UK inflation remained at a 40-year high of 9.9% - with the Bank of England warning that the country is already likely to be in recession.

Inflation is a figure used to explain how much the prices of everyday essentials have increased over a year.

When inflation is high, it means the cost of living has increased and you’re getting less for your money than you did before.

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