Thousands of workers set for £1,000 bonus as major bank reveals cost of living pay boost – are you eligible?

LLOYDS Bank has revealed it will give out £1,000 bonuses to its staff in a bid to help them through the cost of living crisis.

The bank said it would give the cash to 64,182 of its employees.

Lloyds staff will receive the bonus money in their August wage packet.

Some 99.5% of the bank’s employees will get the money. Senior management and executives will be excluded from the pay out.

Staff were informed about the pay boost in an internal letter.

It said: “As the rising cost of living continues to impact our people and our customers we’ve been assessing the evolving outlook for inflation and considering how we can support you even further.”

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

It added: “This support is designed to help you during these uncertain economic times and is in addition to the steps we’ve already taken to increase the support available both to you and our customers.”

Lloyds is not alone in providing new incentives to its staff. Last month, a raft of companies embarked on a four-day work week trial as more employees look to improve their work-life balance.

Last year, a number of companies were offering joining bonuses in a bid to attract new talent.

Other work perks which staff say they most value include generous parental leave policies and opportunities for social interaction.

Meanwhile, this week Morrisons revealed it would give workers a pay rise – it upped its hourly rate to £10.20

Lloyds is the UK’s biggest retail bank with around 17.4 million active users, according to Statista.

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

Last month Lloyds and its sister bank Halifax revealed plans to reduce branch numbers.

Some 20 Lloyds Bank branches and eight Halifax sites will close this year as more people using mobile and online banking instead.

It comes after an announcement in March that the group would close 60 locations – 24 Lloyds Bank, 19 Bank of Scotland, and 17 Halifax – would shut for good, affecting 124 jobs.