Rolls-Royce hands staff £2,000 cost of living payment
Rolls-Royce is to give more than 14,000 staff a £2,000 extra payment to help them through the cost of living crisis following the lead of companies such as Lloyds Bank.
The lump sum be given to 3,000 staff in their August pay packet while the remaining 11,000 unionised workers will receive the payment after their representatives approve the amount. The payment is for junior management and shop floor staff, mainly based at its Derby and Bristol sites, the engineering firm said.
The company’s CEO Warren East has written to employees to inform them of the company’s decision.
A Rolls-Royce spokesperson said: “We can confirm that we are offering 14,000 of our UK shopfloor and junior management colleagues, or approximately 70% of our UK workforce, a cash lump sum of £2,000 to help them through the current exceptional economic climate.
“In addition, we are offering our shopfloor staff the highest annual pay rise for at least a decade, back-dated to March, and together these measures represent around a 9% pay increase for them.”
Earlier this month Lloyds Bank announced it would to help its employees with rising costs, as energy bills skyrocket and UK inflation has now hit a 40-year high of 9%. It is expected to climb once again this week.
This morning, data business Kantar said that food bills would rise by £380 this year, as inflation in the grocery sector spiked to 8.3% in the four weeks to 12 June.
Both petrol and diesel prices have reached record levels in recent weeks and the energy price cap for household bills is expected to reach almost £3,000 in October.