UK markets open in 7 hours 22 minutes
  • NIKKEI 225

    27,691.73
    -194.14 (-0.70%)
     
  • HANG SENG

    19,441.18
    -77.11 (-0.40%)
     
  • CRUDE OIL

    74.65
    +0.40 (+0.54%)
     
  • GOLD FUTURES

    1,782.50
    +0.10 (+0.01%)
     
  • DOW

    33,596.34
    -350.76 (-1.03%)
     
  • BTC-GBP

    14,087.11
    -14.66 (-0.10%)
     
  • CMC Crypto 200

    403.24
    +1.44 (+0.36%)
     
  • ^IXIC

    11,014.89
    -225.05 (-2.00%)
     
  • ^FTAS

    4,114.48
    -28.73 (-0.69%)
     

Housebuilder Barratt to hand staff second £1,000 cost-of-living payment

Housebuilder Barratt is handing an extra £1,000 to staff to help with the soaring cost of living in the firm’s second cash pay-out this year.

David Thomas, chief executive officer of the Leicestershire-based firm, told staff in a letter on Tuesday that they will receive the hand-out in equal instalments over the first six months of 2023.

The cash boost will apply to all employees under the firm’s grade 5a tier, meaning 95% of its workforce will benefit from the payment.

It added that the salary support, which will go to more than 6,800 workers, will not change other pay related benefits, such as pension contributions.

The move comes only four months after Barratt handed out a previous £1,000 payment to staff facing the highest inflation in 40 years.

Barratt said it has also extended its private medical insurance cover to all employees for the first time.

In the letter, Mr Thomas said: “Following the political and economic changes we have seen in recent weeks, including a new Government, we wanted to offer colleagues some reassurance and certainty in the months ahead.

“This is why we have taken the decision to repeat the temporary salary supplement in the New Year.

“I know people are already doing as much as they can to manage their household budgets during this difficult time, with the continued economic and political uncertainty contributing to rising inflation, higher interest rates, and increases in the cost of living.

“This is why we want to build on the measures we’ve already taken to support colleagues and help ease their concerns.”

It comes a month after the housebuilder said its outlook for the year was “less certain” amid rising interest rates but said completions were due to be on track with the previous financial year.