It awards an additional amount to those most exposed to soaring inflation
Retirement specialist Just Group has announced that it will be awarding over half of its UK-based colleagues a one-off additional payment to help them through the cost-of-living crisis.
It said that colleagues with an annual salary under £50,000 will receive a one-off payment of £1,200, while colleagues with an annual salary between £50,000 and £60,000 will receive a one-off payment of £600. The payments are subject to tax and National Insurance. Part-time colleagues will receive a pro-rated amount, and the payments will be made in the October payroll.
“Our people make our business possible, and while the government had confirmed some support, the company wanted to do more to help colleagues through what looks set to be a difficult period,” Lisa Davis, chief people officer at Just Group, commented. “We have put in place a package of additional financial support for more than 65% of colleagues.
“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, and it builds on the approach we took in our pay review process earlier this year.”
Read more: Nationwide to offer cost-of-living support for members.
Davis said that in addition to the one-off payments, Just Group has an established and wide range of support to help colleagues with their financial and mental wellbeing.
“We understand everyone’s circumstances differ, and we encourage colleagues 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,” he said.