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Barclays gives 35,000 employees a pay rise of £ 1,200 to help with the cost of living

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arches In August, 35,000 UK employees will raise their salaries by £ 1,200 to help them cope with rapid growth cost of living.

A lender from the high street said the award would actually carry over part of the payroll revision, which was not due to take place until March.

The increase will go to customer support services, affiliates and junior support services and take effect in August.

In an email, the bank said: “Barclays will continue to monitor the economic situation on a global scale and consider our approach to payment in each country in a local context.” The move was welcomed by the Unite union.

This move is due to the fact that employees throughout the economy are demanding higher wages to match the rising cost of living. Inflation is already at its 40-year high at 9.1 percent and is expected to reach 11 percent by fall. The gasoline prices reached a new high on Thursday despite falling oil prices.

Doctors called for a pay rise of up to 30 percent over the next five years, while teachers’ unions threatened to strike if their wages did not match inflation. The RMT railroad union has already held three one-day strikes, in part because of wages.

Even Bank of England staff are demanding a pay rise, despite requests for wage restrictions from their own governor, Andrew Bailey.

This year, the bank’s employees increased by only 1.5 percent, which is much lower than the achieved inflation rate.

Mr Bailey is concerned that wage growth could push a spiral of wages and prices that prolongs high inflation.

Barclays gives 35,000 employees a pay rise of £ 1,200 to help with the cost of living

Source link Barclays gives 35,000 employees a pay rise of £ 1,200 to help with the cost of living

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