Barratt, Lloyds, Rolls-Royce, and HSBC are among the large corporations that have provided staff with bonuses to assist them to cope with growing living expenses.
The majority of Taylor Wimpey’s employees will receive an additional £1,000 this winter to assist them with rising fuel expenses.
The payments will be made to workers earning up to £70,000, making around 90% of the labor force eligible.
It comes at a time when British consumers are coping with inflation of 9.4 percent, rising food and energy expenses, high gasoline prices, and increases in national insurance and council tax.
Taylor Wimpey stated, “We have been closely watching the effect of rising inflation and the anticipated increase in fuel costs this winter on our employees’ cost of living.”
The group has been assessing compensation to “ensure competitive levels of pay, in addition to our fantastic benefits package,” according to its statement.
It follows the announcement by rival Barratt of a £1,000 cost-of-living incentive for 6,000 employees below the senior management level, following a 5% wage increase from July to April 1.
Lloyds, Rolls-Royce, and HSBC are among the large corporations that have provided bonuses to their employees to help them deal with the growing cost of living.
Taylor Wimpey reported a 16.3 percent increase in pre-tax profits to £334.5 million for the six months ending in June.
As with many other firms, the company’s expenses have increased due to the rising cost of raw materials, but it claims that this increase has been fully compensated by rising home prices.
It anticipates house prices to climb between 4 and 5 percent annually.
Tuesday’s report from the Nationwide Building Society revealed that the annual house price rise in the United Kingdom increased to 11 percent in July, up from 10.7 percent in June, but is anticipated to drop in the coming months.
