British bank NatWest has joined rivals in handing out an unscheduled pay boost; to staff to help shield them from soaring price rises, according to an internal memo.
The state-backed lender has given 22,000 staff in lower paid jobs globally a 1,000 pound ($1,200) raise on average.
In Britain the pay rise is being applied to staff earning a full-time equivalent salary of 32,000 pounds; or less and equates to a 4% pay increase, taking effect from September.
NatWest’s offer differs from those made by rivals Barclays and Lloyds; with the salary increase taking place on top of its existing annual pay review and applying globally; according to the memo, with the bank operating centres in Poland and India.
Barclays (BARC.L) said last month it would give 35,000 of its staff a 1,200 pound annual pay rise; applying to lower paid roles in Britain and bringing forward part of its existing annual pay review. It added it would consider pay rises in other countries.