Cost-of-living crisis | Will Barclays' £1.2k pay rise be enough to boost staff financial wellbeing?

Barclays is giving 35,000 UK staff a £1,200 pay rise as the cost-of-living crisis continues.

As reported by The Times, the banking giant will provide this salary increase to customer-facing, branch, and junior support workers from August 1, 2022.

A Spokesperson for the bank said: “Barclays will continue to monitor the economic situation globally and consider our approach to pay in each country in the local context."

Are pay rises the best solution to combat the cost-of-living crisis?

Barclays joins a growing list of firms stepping up financial support for their workers amid the ongoing cost-of-living crisis. Many major firms, including supermarkets Asda, Tesco and Morrisons are among the firms to have upped pay in recent weeks, partly in a bid to keep hold of staff who might otherwise be lured to competitors offering higher wages.