Lloyd’s, Britain’s largest domestic bank, has come out in search of staff as inflation in the UK moves to its highest level in decades. Management pays employees a lump sum of 1,000 1,000 to cope with the rising cost of living. It costs about Rs 95,000 in Indian rupees. Reuters reports that high-paid executives and senior managers have been excluded from the payroll. The bank has made offers to about 64,000 employees.
Bank of England forecasts inflation at 10 per cent by the end of this year. Reports suggest that employers in the UK are under pressure to help employees mitigate the impact of inflation. Lloyds said the one-time payments will reach eligible employees by August 2022. At the same time, Reuters reports that the current assistance may be a factor in the salary negotiations with employees in 2023.
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In May 2022, the Employees Union staged a demonstration outside Lloyd’s Annual General Meeting in Edinburgh to highlight the plight of bank employees struggling with food, fuel and other costs. Inflation in the UK is at a 40-year high, according to reports. At present, inflation based on the Consumer Price Index is close to 9 per cent. This is the highest annual rate since 1982.
The International Monetary Fund (IMF) has predicted that Britain will face slower economic growth and steady inflation in 2023 than any other major economy.