Nationwide to pay thousands of its staff members £1,200 cost of living bonus

Nationwide is set to pay 11,000 members of staff a £1,200 bonus to help with the cost of living crisis.

The employees are due to receive the bonus as inflation hits 9.4% and household bills are predicted to rise above £5,000 by January 2023. The bonus will not be given to anyone in the company who earns £35,000 or more.

However, it is estimated around 61% of Nationwide's staff are entitled to the payment. Those eligible will receive the cash in two equal halves with one £600 arriving in October and the other in December.

Read More: Millions of households to get £400 energy bill discount paid into their bank account

Debbie Crosbie, chief executive officer at Nationwide, said: "The months ahead will be worrying for many people and we’re always considering new ways to help our members. But rising prices affect our colleagues too and that’s why we’re providing this additional support."

Nationwide are not the first to support their staff during the cost of living crisis, reports The Mirror. The move follows HSBC, Barclays, Lloyds, NatWest, Santander and Virgin Money who have already announced cost of living payments for their workforce.

Some 35,000 Barclays staff members have received a £1,200 pay rise this month, while HSBC junior employees are set to receive a £1,500 bonus. Lloyds is offering a £1,000 bonus to over 64,000 members of staff, which is 99.5% of the bank’s employees.

Meanwhile, at NatWest, those who earn less than £32,000 across the bank will receive an additional 4% salary increase. Reuters also reported that 11,000 Santander employees would receive a 4% pay rise.

Employees earning under £35,000 would be eligible for the pay rise covering 60% of their workforce. On top of this, the company revealed it will offer a £1,000 one-off bonus to 78% of its employees who earn £50,000 a year or less.

A study by advisory firm BDO showed that half of UK businesses are giving one-off bonuses to support workers through the cost of living crisis. The survey involved 500 leaders of medium-sized businesses.

Read Next:

• Expert advises the 'very first thing' you should do if you can't pay winter energy bills

• DWP denies £326 cost of living payment to 'sanctioned' Universal Credit claimants

• DWP could give up to £156 PIP benefit to people who snore

• Millions of BT, Virgin and Sky users affected by broadband shake up next week

• Two simple energy tricks which could save you nearly £1,000 on bills a year