Santander UK rolls out 4% pay boost

Banking giant Santander UK has awarded 11,000 staff members with a four percent pay increase.

Effective from 1 August, the organisation shared the move was to help employees with the cost of living crisis, which is showing no signs of slowing down.

The firm shared that all workers earning under £35,000 (full time equivalent) will be eligible for the pay rise, which covers 60% of its workforce.

According to a release from Santander, this means that the majority of its customer-facing branch and contact centre staff will pocket the extra cash.

Mike Regnier, chief executive of the bank, stated that the business has looked “at how best we can help the majority of our own people”, particularly as the crisis impacts households across the country.

He pointed out that these individuals “play such important roles for Santander”.

“This four percent pay raise will make a real difference to the majority of our customer facing and contact centre staff who are committed to helping our customers and businesses prosper in the current economic climate,” Regnier continued.

From 1 August, Santander will also increase its entry level salaries to £19,500.

Pay injections

Other businesses have also handed out pay boosts to their staff to support them as energy prices and inflation continue to increase.

Cadbury recently announced it would offer a 17.5% wage increase, which more than 1,000 workers will be able to enjoy.

Meanwhile, another bank handed 35,000 staff members a £1,200 pay rise to tackle the cost of living crisis.

Barclays shared that the boost would come into effect from August 1, which would benefit customer-facing roles, in branches and junior staff.