'Doing what we can' | Is Monzo's £1k cost-of-living bonus the best way to help staff finances?

Monzo is set to give its lowest-paid staff a £1,000 payment in order to help support them through the cost-of-living crisis.

The digital challenger bank will make the payment to staff members earning less than £40,000, although it is unclear how many of the company's 2,500 staff fall under this threshold.

TS Anil, Monzo’s Global CEO, said on LinkedIn News UK that the firm was “constantly reviewing the situation to make sure that we’re doing what we can.”

Are one-off bonuses the best solution to combat the cost-of-living crisis?

Monzo joins a growing list of firms stepping up financial support for their workers amid the ongoing cost-of-living crisis.