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The lowest paid staff at a Channel Islands bank are due to be given a pay rise to help them deal with the cost of living crisis.
From 1 September, employees of NatWest International who earn a full-time equivalent salary of £36,000 or less will be getting a permanent 4% salary increase.
The bank has offices in Jersey and Guernsey.
It’s part of a global initiative from NatWest Group, which has also extended a 4% rise to around 22,000 UK-based staff earning less than £32,000.
Explaining the rationale for the move, CEO Alison Rose said: “The continued rise in the cost of living is impacting people, families, and businesses in the UK and across the world. Our focus is on working with our customers, colleagues and communities and providing proactive support to those who need it most.
“That is why we are taking targeted action and awarding a permanent increase to base pay for our lowest paid colleagues across the globe, who are most likely to be feeling the greatest impact.
"We are also aware that many of our customers and communities are feeling the strain, which is why we continue to build and develop our full package of support for them, just as we did throughout the pandemic.”
It comes after Jersey recorded its highest ever rise in the cost of living since the financial crash in 2008 back in April.
In the 12 months up to March this year, prices shot up by 6%, Statistics Jersey reported today. Rising costs of housing, motoring and fuel and light were the key drivers of inflation, statisticians found.
The new Chief Minister, Deputy Kristina Moore, pledged to address the cost of living crisis in her 'vision' for her first 100 days in officeby proposing a mini budget that brings forward a suite of measures to deliver targeted support to islanders ahead of winter."
That budget is due to be presented by the new Treasury Minister, Deputy Ian Gorst, following the States Assembly's summer break.
Over the coming months, Express will be continuing its focus on how islanders are being affected by the rising cost of living locally and what is being done to resolve it.
Are you feeling the pinch? Are you leaving the island or know someone who is? We want to hear your story, and are happy to speak in confidence.
Email editor@bailiwickexpress.com.
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The Jersey Consumer Council has created the following price comparison tools to help islanders compare the costs of different essentials...
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