// Tesco Bank to give staff £1,250 pay increase to deal with inflation crisis
// Usdaw said it reached a deal with the lender for the pay increases
Tesco Bank will give 3,400 employees a £1,250 pay increase to help them deal with the cost-of-living crisis.
The bank, which is owned by the UK’s biggest retailer Tesco, said over 90% of its workforce were eligible for the extra pay which is effective from January 8.
Usdaw, which represents the bank’s staff, said it reached a deal with the lender for the pay increases ahead of an annual pay review in May.
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Tesco Bank chief executive, Gerry Mallon said: “The rising cost of living is having an impact on households across the country, and we’ve been listening to staff about how this is affecting them.
“That’s why we’ve taken action and awarded a permanent increase to base pay for the majority of our employees.
“The salary increase aims to provide sustainable, long-term support to colleagues, including our contact centre colleagues who show great commitment to helping our customers in the current economic climate.”
Usdaw national officer, Daniel Adams said: “As the cost of living crisis has deepened, Usdaw has continued to engage with Tesco Bank on what can be done to support employees through this incredibly difficult time.”
