Cost of living crisis: are you missing out on help from your employer?
Many employers are stepping in to help workers with the rising cost of living, with some firms offering a one-off bonus or other assistance ranging from improved employee discounts to free food.
Some big-name companies are giving lower-paid workers extra cash to help combat the impact of soaring inflation and higher bills.
Meanwhile, there may be employee benefits you have not utilised that could help you balance your budget even if your boss is not giving you a pay rise.
For example, many firms offer perks such as discounts at local businesses, cycle to work schemes, season ticket loans, free eye tests and the option to sell back unused annual leave.
Jonathan Watts-Lay, the director of Wealth at Work, afinancial wellbeing and retirement specialist, says that if you are struggling with your finances, speak to your employer to find out what help they have available. “Even if they don’t offer anything at the moment, sharing the challenges you are facing may encourage them to put support in place.”
Equally, your trade union – if you are a member of one – will often have deals and other help available, so take the time to see what’s on offer.
Big employers including HSBC, John Lewis and Virgin Media O2 are giving some workers extra payments to help with the rising cost of living.
Virgin Media O2 earlier this month announced it will give payments totalling £1,400 to employees earning £35,000 and under.
The first payment of £400 will be issued next month, followed by another £400 in January 2023, and then six payments of £100 a month until July 2023.
Meanwhile, John Lewis recently revealed that full-time staff will get a one-off cost of living payment of £500 – with part-time staff eligible for a lower amount.
Banks including HSBC and
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