Tesco Bank has announced it will increase pay by £1,250 for over 3,400 staff.

Negotiated to help employees throughout the cost-of-living crisis, the salary uplift follows discussions between the (Union of Shop, Distributive and Allied Workers (Usdaw) and the supermarket’s banking arm.

Over 90 per cent of the bank’s workforce will benefit from the salary increase, which comes in addition to Tesco Bank’s annual staff pay review in May 2023.

“As the cost-of-living crisis has deepened, Usdaw has continued to engage with Tesco Bank on what can be done to support employees through this incredibly difficult time,” said Daniel Adams, national officer at Usdaw.

Adams added: “Given this is a permanent increase rather than one off payment, it will also flow through into other elements of the reward package, including pensions and bonus.”

Tesco Bank is the most recent company to offer additional support throughout the cost-of-living crisis, and follows Aldi’s per hour increase to over 7,000 employees.

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