Home LoanMortgage Barclays’ UK customer-facing and junior support staff to receive pay rise

Barclays’ UK customer-facing and junior support staff to receive pay rise

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Barclays is set to give 35,000 of its UK-based staff in customer-facing, branch and junior support roles a pay increase from 1 August.

The bank’s employees will receive a £1,200 rise to their annual pensionable salary.

The increase brings forward part of the annual pay review that would normally have come into effect in March next year.

Barclays says it will continue to monitor the economic situation globally and consider its approach to pay in each country in the local context.

The bank notes that its annual pay review for all staff will take place in the near future, effective from March 2023.

Inflation in the UK climbed to 9.1% in May, which was the highest consumer prices index (CPI) 12-month inflation rate in the National Statistic series, which started in January 1997.

The latest figure was driven by increasing prices for food and non-alcoholic beverages, compared with falls a year ago, resulting in the largest upward contribution to the change.

In June, the Bank of England (BoE) also increased the base rate by 25 basis points to 1.25%.

The increase marked the fifth base rate rise since December 2021 after a decade of historic lows.

At the time of the rise, the committee said it expected inflation to be over 9% during the next few months and to rise to slightly above 11% in October.

The increase in October reflects higher projected household energy prices following a prospective additional large increase in the Ofgem price cap.

Finopulse

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Publisher: Becky Bellamy

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