Yorkshire Building Society provides one-off payment of £1,200 for majority of employees

All eligible staff, which does not include directors or chief officers, will receive the payment in September, subject to the usual deductions, the mutual said.

This latest announcement comes in addition to a £1,000 salary increase for the same colleagues earlier in the year, and on top of an average 10.6 per cent pay rise 740 of the society’s front-line staff received in January.

Orlagh Hunt, chief people officer at Yorkshire Building Society, said: “The rising cost-of-living is undoubtedly causing many people concern, and as an organisation that prides itself on helping households, we’ve looked at a number of ways we can support people through this challenging period.

“We’ve maintained our commitment to paying all colleagues in line with, or above, the real living wage and have invested significantly in our pay awards earlier in the year. But we also recognise that our colleagues are facing real cost of living challenges right now. So, in line with our purpose to offer real help with real life and our mutual status, we can invest for the benefit of members and our people. We hope this one-off payment will go some way to easing the burden many feel.”