The British bank HSBC Holdings Plc is the latest in a line of banks to offer its employees help in dealing with the cost of living.
Employees at a low salary level will receive an increase of 1,500 pounds to their salary for the month of August, Bloomberg reported, according to an internal memo of the bank. With this announcement from the bank, all five of the largest banks in Great Britain pledged to increase the wages of employees, since power Buying in the UK is shrinking as inflation rises, reaching a new high of 9.4% in June, its highest level in 40 years.
The UK branch of Banco Santander SA pledged to give its 11,000 employees a 4% raise, and Barclays Plc promised to increase salaries for employees in the UK between 1,200 and 35,000 pounds. A thousand pounds on average. And Lloyds Banking Group Plc pledged to pay an extra £1,000 this summer.