Barclays said it will give a £1,200 ($1,460) pay raise to 35,000 of its U.K..-based staff, the latest lender to boost wages as the cost-of-living crisis deepens.
Employees in customer-facing, branch and junior support roles will receive the increase to their annual pensionable salary from Aug. 1, according to an emailed statement Thursday.
The bank said it will continue “to monitor the economic situation globally and consider our approach to pay in each country in the local context.” Barclays’ annual pay review for all staff will occur in the near future and take effect from March, it added. The lender has about 82,000 staff globally, according to its most recent annual report.
The move comes the same month that Lloyds Banking Group said it will pay staff an additional £1,000 this summer as rising prices add pressure to British household budgets and depress consumer confidence.
The Bank of England is predicting price increases will accelerate past 11% later this year.
