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Barclays hands 35,000 workers cost-of-living pay rise

Barclays said it would continue to monitor the economic situation globally (Alamy/PA)
Barclays said it would continue to monitor the economic situation globally (Alamy/PA)

More than 35,000 customer-facing and junior employees at banking giant Barclays are to get a £1,200 pay rise to help with the cost-of-living crisis.

The high street lender said the salary hike would take effect from August 1, bringing forward an annual pay review that would normally have taken effect in March next year.

All UK staff across customer-facing roles, in branches and junior workers will benefit from the pay increase.

There will be the usual wider group annual pay review for all staff in the “near future”, which will take effect in March 2023, it added.

Barclays said: “Barclays will continue to monitor the economic situation globally and consider our approach to pay in each country in the local context.”

Unite cheered the move, which it said came after the union held talks with Barclays management and called for it to take action to help staff facing soaring costs.

Dominic Hook, Unite national officer, said: “Unite has won this significant financial recognition for our members across Barclays.

“This is a victory for Unite as the union made sure staff concerns were heard at the highest levels of the bank.

“As all employees face significant cost-of-living increases, Unite has campaigned to ensure that this bank recognised the need to act.”

Unite added that staff would also benefit from higher pension contributions and overtime payments, as it was a salary rise and not just a one-off payment.

It followed moves by other employers to help staff struggling in the cost crunch, with Lloyds Banking Group revealing earlier this month that it would hand a £1,000 cash bonus to the vast majority of its staff in August.

Accountancy group PwC also announced the biggest pay increase for staff in 10 years this week, putting over £120 million into the move, which will see 70% of employees receive at least a 7% increase, with 50% of employees getting a rise of 9% or more.

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