Lloyds Banking Group has agreed to award its staff a £1000 bonus to help them during the cost-of-living crisis.

The move comes after a campaign by Unite members who voted to reject the bank’s 2022 pay offer in March.

According to the union, Lloyds has admitted that many low paid employees as struggling with the rising cost of food, fuel, and heating.

Lloyds said that the payment, which will be made in August, will not be made to senior management or executives. The bonuses will be dished out to 99.5 per cent of employees, 64,182 people in total.

Unite members have been campaigning against the bank’s existing pay system for several months, including a demonstration at the organisation’s AGM in May.

“Unite members’ collective action has put desperately needed money into the pockets of staff on the front line,” said Sharon Graham, Unite general secretary. “This victory for Unite’s LBG pay campaign is an important step in changing the bank’s pay structures. Staff will welcome the £1,000 bonus but there is still a long way to go to eradicate low pay in that is one of the economy’s most profitable sectors.”

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