TSB should use some of its increased profits from higher interest rates to give all staff an additional cost of living payment of £1000 before Christmas.
Lloyds has just announced that it is giving staff and extra £500 in December. It should be a lot more given the size of its profits but at least it’s a start.
Pay and the cost of living crisis is still the number one detractor when it comes to TSB’s advocacy score. One TSB member of staff said: “Everybody thinks the cost of living crisis is over. It’s not. The cost of my weekly shop is still higher than what it was a few years ago. Prices are staying high and are not coming down. I’m struggling every month to pay all my bills.” Many members who are increasingly struggling to make ends meet will sympathise with that comment.
Just because inflation is rising at a slower rate than it did previously doesn’t mean that we’ll see a rapid improvement in our personal finances. We won’t. High energy prices and food costs are going to be with us permanently. Analysts at Oxford Economics say total debt repayments in 2024 are typically set to take up almost four times as much of households’ budgets as they did in 2021. That must be a worry for everyone with a mortgage.
One banking CEO said recently that a 0.25% increase in interest rates produced £175 million of revenue for his bank. It won’t be that much for TSB but it’s still making significant profits out of the crisis. Much of that revenue is going straight to the bottom line. In itself that’s good but there needs to be a balance here.
We believe that some of that windfall profit from increased interest rates should be used to pay an additional £1000 cost of living increase for all TSB with no pro-rating for reduced hours staff.
TSB can easily afford it.
TSB staff wanting to join the biggest, independent union can contact us on 01234 716029.
Forward This Newsletter To Your Colleagues So They Join The Biggest Union In TSB