Home Business Rolls Royce Offers Staff £2,000 Living Cost Bump

Rolls Royce Offers Staff £2,000 Living Cost Bump

Rolls Royce Offers Staff £2,000 Living Cost Bump
Source: BBC

Rolls-Royce employees will get a £2,000 one-time payment to cope with the growing cost of living in the UK.

The payment will be made to junior management and shop floor employees, who will be situated mostly in Derby and Bristol, according to the engineering business.

The lump amount will be distributed to 3,000 employees starting in August.

After their union accepts the amount, the remaining 11,000 unionized workers will get the cash.

As energy bills continue to rise and UK inflation reaches a 40-year high, the move comes after numerous corporations announced initiatives to help employees cope with growing expenses.

According to a Rolls Royce spokeswoman, 70 percent of the business’s UK employees will get the payout, and the company is also “giving our shop floor colleagues the greatest yearly salary boost in at least a decade.”

According to the spokeswoman, talks with unions on a wage settlement for 2022-2023 are ongoing, and the cost of living issue would be a part in those talks.

The 11,000 unionized members will also be awarded a 4% wage boost, retroactive to March, according to the spokeswoman.

Pay rates and benefits for UK workers have risen as firms attempt to hire and keep workers after official numbers revealed that there were fewer jobless persons than job openings for the first time in history.

After Unite the Union marched outside Lloyds Bank’s annual general meeting last month, employees were handed a £1,000 lump payment to cope with mounting costs.

Meanwhile, Morrisons declared that it will raise salaries for 80,000 of its employees.

Tesco, Sainsbury’s, and Asda, rival grocery companies, have already announced salary increases for this year.

Inflation, or the rate at which prices grow, is presently at 9%, with another increase forecast later this year.