THOUSANDS of employees at a major UK firm are set to receive a £2,000 bonus to help them through the cost of living crisis.
Rolls-Royce will dish out the cash to thousands of staff as well as increasing their pay.
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The engineering giant is the latest company to offer its workers extra money to help ease the squeeze, Sky News reports.
Some 11,000 workers in its UK manufacturing plants will get a 4% salary increase that will be backdated to March.
That’s equivalent to an £800 pay rise for a full-time worker earning £20,000 a year.
Meanwhile, it said 3,000 junior manager staff will get a lump sum bonus of £2,000.
It is understood that these employees will get the cash in August, as long as the offer is accepted by trade union Unite.
It means that in total, some 14,000 of the firm’s 20,000 employees are set for a windfall.
The announcement comes just days after Lloyds Bank confirmed it will dish out bonuses of £1,000 to most of its staff to help them with the cost of living crisis.
Some 64,182 of the bank’s employees are set to receive the money in their August pay packet, equivalent to 99.5% of the firm’s staff.
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Meanwhile, Morrisons became the latest supermarket to announce a pay rise for its workers.
The grocer has increased its hourly rate to £10.20.
And in April, millions of workers were set for a £1,000 a year pay rise as National Living Wage increased from £8.91 to £9.50 an hour.
Many workers will be able to take home more money each month from July too, after a major change to National Insurance comes into effect.
You can use a tax calculator to work out how it affects you.
Companies are having to do more to attract staff and keep them as unemployment has fallen, making it a “workers’ market”.
Soaring inflation means that “real” pay is taking a hit, even after wage rises, most workers are seeing an effective pay cut at the moment as their money doesn’t go as far due to rising prices.
Latest figures from the Office for National Statistics show that while wages increased by an average of 4.2% in the three months to April, in real terms they are falling at the fastest rate in more than a decade.
Latest inflation figures are due out tomorrow, and the Bank of England has predicted it could hit 11% this year.
The Sun has contacted Rolls Royce for comment.
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