Virgin Money staff awarded £1,000 bonus to ease rising cost of living
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Clydesdale Bank owner Virgin Money has informed the majority of its staff that they will receive a one-off payment of £1000 in their August pay to help ease their financial pressures in light of the rising cost of living.
A total of 78% of Virgin Money staff are eligible for payment, that being all those who are paid £50,000 or less.
The payment is not bonus brought forward or connected in any way with the annual pay review. It’s also not pro-rata’d for part time colleagues.
In an internal memo seen by Scottish Financial News, David Duffy, CEO of Virgin Money told staff that “now is the right time to make a special one-off payment.”
Mr Duffy wrote: “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. This has been echoed in what you’ve told us in Pulse surveys, in our colleague engagement sessions, and other forums including discussions with our Trade Union.”
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