Virgin Money to give £1,000 cost of living bonus to thousands of staff | The Sun

Virgin Money has revealed it will give a £1,000 one-off bonus to thousands of staff in a bid to help with the cost of living.

The banking group said that workers who earn £50,000 a year or less – around 78% of its employees – will get the cash.

As the cost of living is expected to soar by £830 this October, many people are struggling to cope with bills and essentials.

But Virgin Money is the latest banking group to hand out a one-off bonus to staff in an effort to help, after Lloyds announced a staff pay boost last month.

The bank said around 6,000 employees will receive the bonus in their August wage packet.

Staff were told about the boost through an internal letter sent by the company.

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The letter was written by chief executive officer David Duffy, who said: "The increase in the cost of living is on everyone’s minds, whether in political circles, in the media, or in the local supermarket.

"It’s also been part of many conversations among the leadership team because we know that many colleagues are experiencing additional pressure on their finances."

Duffy said various surveys taken by staff, as well as discussions, helped the firm's management come to the decision.

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Rising inflation means the price of everything is going up, so plenty of consumers are left worrying about how they'll afford the next energy bill or food shop.

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But Virgin Money isn't the only company that has decided to support staff members during the cost of living crisis.

Last month, Lloyds Bank revealed 99.5% of its staff would also receive an extra £1,000 in their August wage packet.

Lloyds said all staff in its grades A to G will get the money this summer.

New customers are also getting free cash from the banking giant, which is offering out £125 to those who open a current account.

The National Living Wage also jumped up in April – so millions more will have received a £1,000 pay boost.

Morrisons also agreed to raise workers' pay wage last month, boosting it to £10.20 an hour.

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Some 80,000 store and manufacturing workers will receive the 2% rise from October.

We've rounded up the full list of jobs where you're most likely to get a pay rise – take a look here.

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