A Scottish bank has said it is to permanently increase pay for staff to help with the economic squeeze.
Tesco Bank has announced it is giving over 3,400 staff a £1,250 pay increase, on a full-time equivalent basis, to help with the increased cost of living.
Over 90% of the Edinburgh-based bank’s workforce, those who are likely to be feeling the greatest impact from current cost of living challenges, are eligible for the increase which is effective from this month.
The uplift to salaries, which followed discussions between Tesco Bank and both USDAW and Unite trade unions, is in addition to the bank’s annual pay review which will follow in May 2023 as normal.
Gerry Mallon, Tesco Bank chief executive, said: "The rising cost of living is having an impact on households across the country, and we’ve been listening to colleagues about how this is affecting them.
"That’s why we’ve taken action and awarded a permanent increase to base pay for the majority of our colleagues.
“The salary increase aims to provide sustainable, long-term support to colleagues, including our contact centre colleagues who show great commitment to helping our customers in the current economic climate.”
Scot scoops award for re-inventing the kettle
A Scots designer has reinvented the most commonly used kitchen appliance after witnessing his ageing grandmother’s struggles.
Nick Fitzpatrick’s kettle has dual horizontal handles, for ease of use by older people with reduced strength and dexterity, and allows the user to fill it up without removing the lid.
Omega Diagnostics hit by manufacturing constraints
Shares in former Scottish medical company Omega Diagnostics slumped after it revealed that it has insufficient manufacturing capacity at its primary facility in Cambridgeshire to meet customer demand.
While next year will be one of "significant" growth, revenues during the 12 months to the end of March will be a quarter lower than previously anticipated. Losses will also be higher.
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