Connect with us

Hi, what are you looking for?

Investing

Barclays speeds up pay rise to ease staff money worries

The bank said that it was introducing a £1,200-a-year pay increase from August 1, which would start to show in next month’s pay packets.

The rises of £100 a month before tax were an early instalment on the usual annual inflation review that would normally come in from March 2023.

Unite, the trade union, which claimed credit yesterday for pushing Barclays into the pay increase, said that it equated to an annual rise of 4.5 per cent and 5.5 per cent for two common categories of staff at the bank.

The affected employees account for more than three quarters of the entire UK workforce of Barclays, most of them in relatively low-paid jobs in branches, contact centres and other back-office roles.

Across-the-board pay increases such as this are being closely watched for evidence of how low-paid workers will cope with the cost of living squeeze and for any evidence that a feared wages spiral is building, which could make inflation more persistent.

Inflation, as measured by the consumer prices index, increased to 9.1 per cent in May, with the Bank of England forecasting that it will reach 11 per cent in the autumn.

Barclays last raised pay for staff in March, when it lifted the 2022 pay budget for 43,000 employees by 4.25 per cent, with the most junior people getting a 12.8 per cent increase, it said.

The chief executive of Barclays, C S Venkatakrishnan, is paid a base salary of £2.78 million, with potential bonuses boosting his maximum possible annual package to £9.45 million.

Read more:
Barclays speeds up pay rise to ease staff money worries

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

PayMaya, the country’s largest processor of merchant payments, has relaunched its enterprise brand as Maya Business. The new Maya Business seamlessly integrates omnichannel payment...

Economy

SM Investments Corp. sees a brighter consumer outlook, fueled by sustained confidence in retailing Increased shopping activity, which was unleashed by the loosening of...

Economy

By Chelsey Keith P. Ignacio Filinvest Land, Inc. (FLI) registered an increase in its revenues as well as housing and condominium sales in the...

Economy

A master-planned community anchored on wellness, sustainability, and business growth awaits those wanting to enjoy the ‘island life’ in Megaworld’s Paragua Coastown By Jules...

Economy

By Chelsey Keith P. Ignacio Education can open the doors to abundant opportunities, from achieving one’s dream, helping the family, or even contributing to...

Economy

Sustainability has transcended trends and has become somewhat of an art form in itself. In business, it has now been refined to qualify as...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.