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Mid-year 'cost of living' payment

Sophie

| 0 Posts

10 May, 2022 14:34

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

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  • Charles

    | 0 Posts

    CIPD Staff

    17 Aug, 2022 14:20

    In reply to Viv :

    If you just look at those firms that plan to increase pay in the next 12 months and exclude those that plan to freeze or cut it, then the median CIPD pay forecast in the private sector jumps from 4% to 5%, while the mean forecast goes from 4.24% to 5.53%. Half of all private sector pay forecasts are for a rise of 4% or more, this proportion is even higher in such sectors as business services.
  • Viv

    | 0 Posts

    17 Aug, 2022 14:29

    In reply to Charles:

    That's a better way to look at it, thanks Charles
  • Adham

    | 0 Posts

    17 Aug, 2022 14:35

    In reply to Charles:

    It is surprising to read that there are organisation planning to cut salaries in the next 12 months. Inflation is not only hitting individuals particuarly hard then, organisations are struggling as well which is bad news to the economy. Luckily unemployment is still at hisotric low-level so far.
  • Charles

    | 0 Posts

    CIPD Staff

    17 Aug, 2022 15:06

    In reply to Adham:

    Back in June, few employers thought they would need to cut or freeze pay. Last time we had a recession, many organisations were able to freeze or cut pay temporarily because inflation was negative. Inflation isn't negative at the moment.
  • Laura

    | 0 Posts

    18 Aug, 2022 08:50

    Hi Sophie,
    In our company, we made a higher than usual pay increase at the end of last year in anticipation of it being a difficult year. We've also just made a one-off payment to all staff of the same lump sum across the board.
    Another thing we've done is to do really clear signposting on our internal homepage to all the financial assistance available from the government so people can find out what's relevant to them.
    We've been broadcasting financial wellbeing webinars in our meeting room for people to attend if they'd like to, and intend to carry on doing this.
    Laura
  • Liane

    | 0 Posts

    23 Aug, 2022 08:01

    In reply to Laura:

    Did anybody see this?

    www.thetimes.co.uk/.../call-to-halve-stamp-duty-if-you-fit-heat-pump-xz0qtfk8k

    "Other proposals include a salary sacrifice scheme under which cycle-to-work schemes would also be used to help people buy electric vehicles and heat pumps; carbon labelling on food; and new grants to help people with the high cost of retrofitting homes."

    This is what I had mentioned previously about a salary sacrifice scheme to help people have more energy efficient homes.
  • Steve Bridger

    | 0 Posts

    Community Manager

    23 Aug, 2022 08:56

    In reply to Liane:

    Hi Liane - I don't think this is a vost-of-living measure. It's a pitch by a "centre-right" think tank re net zero.

  • Charles

    | 0 Posts

    CIPD Staff

    23 Aug, 2022 09:02

    In reply to Liane:

    Here’s a link to the report that this article is based on. The proposals regarding workplace salary sacrifice to help employees buy green tech is on page 63. It’s not clear whether double glazing or insulation would come under these proposals. As Steve says, the focus was originally on encouraging adoption of green technology. However, given the current increase in energy bills, anything that helps reduce consumption will be useful.

  • Katie Clapham

    | 0 Posts

    24 Aug, 2022 12:43

    Hi does anyone have a staff communication where they have explained about a one off cost of living payments and the reasons why
  • Abbie

    | 0 Posts

    25 Aug, 2022 14:42

    Hi, What are your companies doing to help your employees with the cost of living crisis & the difficult winter we have ahead? Thought it would be good to share some ideas!! Thanks.
  • Steve Bridger

    | 0 Posts

    Community Manager

    25 Aug, 2022 19:15

    In reply to Abbie:

    Hi Abbie - as you will see, we have an on-going discussion here... hence I have 'moved' your post to this thread. Hope that's OK.
  • Gerry Crow

    | 0 Posts

    27 Aug, 2022 20:14

    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
  • Carol

    | 0 Posts

    7 Sep, 2022 09:40

    Hello

    I am interested to find out what other companies are doing in respect of making any financial contributions to staff who work from home. 

    If anyone is prepared to share what they are doing or their thoughts I'd be grateful.

    Many thanks

    Carol

  • Steve Bridger

    | 0 Posts

    Community Manager

    7 Sep, 2022 09:46

    In reply to Carol:

    Hi Carol - I've moved your post to this pre-existing thread, as I think you'll find this helpful.
  • Helen

    | 0 Posts

    16 Sep, 2022 08:11

    In reply to Carol:

    Hi Carol - we've introduced a £320 payment for FT homeworkers.