Virgin Money cost of living payment to staff

The increase in the cost of living is on everyone’s minds, whether in political circles, in the media, or in the local supermarket. It’s also been part of many conversations among the leaders that many employees are experiencing additional pressure on their finances.

Virgin Money has introduced a number of ways to help colleagues through this year, including the new ‘My Money’ webinars. These complement the financial wellbeing guidance and the additional benefits already available to colleagues, such as the discounts on high street and supermarket brands on offer through Virgin Tribe.

Earlier this year, they also acted to provide an average uplift of 5% in base salary for colleagues and to launch A Life More Virgin (ALMV). As well as giving colleagues five new wellbeing days, ALMV also provides more flexibility, which includes how often you make use of our hubs, and greater choice in how to take the Flex Allowance for colleagues who receive that.

However, Virgin Money have continued to monitor the situation closely and, driven by their Purpose, concluded that they would make a special one-off payment. For all eligible colleagues, an additional £1,000 was paid with their August pay on Friday 19 August.

Syreeta Brown, Chief People and Communications Officer: “The past few years have highlighted the importance of being flexible and supportive, as well as listening colleagues to identify their needs.

“We know that the increase in the cost of living has become a real concern for many so, driven by our Purpose of ‘making you happier about money’, we wanted to make a meaningful difference to those most affected. It was also important to us to keep this payment apart from the annual pay review, so a one-off payment was our preferred approach.

“Together with the 5% pay increase at the start of the year and our new flexible working package, we’re keen to make sure our colleagues feel valued and supported in the work they do.”