Retirement specialist firm Just Group is to make a one-off additional payment to two-thirds of its workforce next month in order to help them through the cost-of-living crisis.
Employees earning an annual salary under £50,000 will receive a one-off payment of £1,200, while those on a salary between £50,000 and £60,000 will receive £600, with both subject to tax and national insurance contributions. Part-time members of staff will receive a pro-rated amount and all of the payments will be made in the October payroll.
The payment is designed to help employees who have been most exposed to the recent rise in inflation and the further financial challenges this winter will bring. This additional financial support builds on the approach that the organisation took in its pay review process earlier this year.
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Lisa Davis, chief people officer at Just Group, said: “Our people make our business possible and while the government had confirmed some support, we wanted to do more to help our workers through what looks set to be a difficult period. So we have put in place a package of additional financial support for more than 65% of employees. We’ve focused this additional financial support on those who are likely to be hardest hit by the rise in inflation to help to ease the challenges of this coming winter period.
“In addition to the one-off payments, we have an established and wide range of support to help staff with their financial and mental wellbeing. We understand everyone’s circumstances differ and we encourage employees to talk with their manager if they are struggling so we can look at what specific support we might be able to put in place to help them.”