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Mid-year 'cost of living' payment

Sophie

Hi everyone, 

I was wondering what others thoughts were on paying a one off payment mid-year to help with the rise in the cost of living.

Also if and what other companies were doing to help with the rise of cost of living.

Thanks

Parents

  • There are a number of large employers offering employees a one off amount to support with the cost of living crisis.  I was wondering what smaller employers or charities were thinking about this, and whether they had any plans to offer such a payment or what other support was being put in place.

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  • There are a number of large employers offering employees a one off amount to support with the cost of living crisis.  I was wondering what smaller employers or charities were thinking about this, and whether they had any plans to offer such a payment or what other support was being put in place.

Children
  • in reply to Rachel
    Hi - you started a new thread but I've moved you rpost into the pre-exisiting (and busy) discussion. Hope you don't mind.

    With another hat on I had a call today with the Chief Officer of our area Citizens Advice team. Grim. I think employers need to be preparing for increasing stress on their employees in the autumn.
  • in reply to Rachel

    The CIPD’s Summer 2022 Labour Market Outlook found a difference by employer size and sector in terms of cost-of-living payments.

    Overall, in response to the jump in the cost-of-living, 15% of employer have awarded, or plan to award, a cash lump sum (such as a bonus, stipend, allowance, etc) to some or all their workers to help offset price rises. This is in addition to any salary increases given or planned this year.

    By sector, 18% of companies in the private sector have done this or are planning to do this compared with 8% of employers in the public sector and 11% of charities in the voluntary sector.

    Large employers (17%) are more likely to have done this (or have plans to do this) then small- and medium-sized employers (13%). Similarly, large firms (21%) in the private sector are more likely to do this than small- and medium-sized businesses (14%).

    For more information overall, see this CIPD blog

  • in reply to Rachel
    Hi Rachel,
    we have provided access to a financial wellbeing package for all staff to receive financial advice/assistance without any costs to themselves. The Board of Trustees have also agreed that everyone will receive a one-off 2.5% bonus in their November salary, in time for Christmas. A lot of thought went into this, with questions such as: should everyone receive the same percentage, should it be a flat-rate (e.g. £300 for everyone), should it be tapered with staff at different levels receiving different amounts. We opted for 2.5% of annual salary for everyone - worth mentioning that as a fairly small charity we also have a 2.5% salary increase in April. We can't cover all the consequences of the ongoing financial worries; but we can show we care.
    Gerry
  • in reply to Gerry Crow

    just to flag that the CIPD has recently relaunched its cost-of-living hub, which includes a new blog. 

  • in reply to Steve Bridger

    Cost of living Twitter chat tomorrow, for those who are interested...