HSBC offers lower paid UK staff £2,150 pay rise

HSBC has offered around 18,000 of its branch, call centre and back office staff in Britain a £2,150 (S$3,531) pay rise, as companies attempt to curb the impact of rampant inflation on their employees’ finances.

The offer is similar to those made by rivals NatWest and Lloyds, as the sector looks to quickly ink pay deals with staff and swerve the industrial unrest sweeping Britain.

HSBC offered the pay bump to staff on its two lowest pay grades after negotiations with union Unite, the union’s national officer Dominic Hook told Reuters. It does not apply to all of the bank’s 35,000 staff in Britain.

A HSBC spokesperson confirmed the details of the offer.

Unite has not recommended the offer to staff. Union members at HSBC are being balloted on the terms, with a result expected in January.

“Whilst we haven’t made as much progress as we would have liked to achieve an inflation-proof pay rise for all, over 20 per cent of staff will be getting a pay rise of more than 10 per cent and another 60 per cent will be getting a pay rise of 8-10 per cent,” Hook said.

“We’ll be pressing to make further improvements in future both in HSBC and in all the high street banks.” REUTERS