HSBC will give a one-off payment of £1,500 to its lowest-paid workers to support them during the cost-of-living crisis, but bosses have warned of further cuts to the workforce. The banking giant said the cash boost will go to junior staff, including customer-facing employees in UK branches and contact centres.
The impact of rising inflation and the soaring cost of energy means some workers will need more support to avoid financial hardship in the coming months, HSBC said. The one-off payments follow the bank's discussions with trade union Unite, and will arrive in August pay cheques.
Dominic Hook, Unite national officer, said: "Unite has worked tirelessly to demonstrate to HSBC the need for urgent action to help thousands of employees facing the largest squeeze on their incomes. The union will continue to campaign to ensure all staff receive a fully consolidated pay increase to ensure pay rates keep up with living costs."
