To Battle Inflation, Britain's Biggest Domestic Bank Lloyds Gives Over Rs 95,000 To Struggling Employees

At a time when the country is battling multi-decade-high inflation that has given birth to the cost of living crisis in the UK, Britain's biggest domestic bank Lloyds has come up with a decision to help its staff.

Lloyds had told staff yesterday that it would give the vast majority of them a one-off 1,000 pound ($1,220) payment to help combat the soaring cost of living, which in terms of Indian Rupees turns out to be over Rs 95,000.

The offer has been made to around 64,000 of the bank¡¯s staff, with executives and senior managers exempted from the payout, according to a memo seen by Reuters.

This move reportedly highlights the pressures on employers in the UK to help employees mitigate the impact of price rises, with the forecast by the Bank of England indicating inflation to top 10% later this year.

Britain¡¯s biggest domestic bank Lloyds said in the memo that the one-off payments would be made in August 2022, adding that it would factor in the economic picture into its pay negotiations with employees for 2023, as per a Reuters report.

Earlier in May 2022, the employee union Unite had reportedly demonstrated outside Lloyds' annual general meeting in Edinburgh to highlight the plight of bank staff struggling with the costs of food, fuel and heating.

The union¡¯s general secretary Sharon Graham said "Staff will welcome the 1,000-pound 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", as per Reuters

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Also Read: Research Says More Than 250,000 UK Households Will Fall Into Extreme Poverty Next Year

Inflation At 40-Year High Mark

In April 2022, inflation in the UK had surged to its 40-year high mark, with fears of recession looming. Consumer price inflation in the UK hit 9% that month, making it the highest annual rate since 1982, the Office for National Statistics had said, amid the cost of living crisis in the country.

The International Monetary Fund (IMF) had forecasted that Britain will face slower economic growth and more persistent inflation than any other major economy in 2023.

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