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Tandem Bank to provide £500 cost of living payment to ‘frontline workers’

  • 09/11/2022
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Tandem Bank to provide £500 cost of living payment to ‘frontline workers’
Digital lender Tandem Bank will give its “frontline workers” a £500 cost of living payment to support them during these challenging economic times.

The payment is for employees who earn £30,000 or less per annum and a weighting has been introduced for those working in London.

The payment will be made in five instalments of £100 from November until March next year.

The lender said that usual tax implications would apply to all payments and was dependent on individual tax codes and circumstance.

The firm added that it would be paid to eligible colleagues even if they were on probation or their notice, but there could be pro rata rates in certain circumstances.

Tandem Bank added that it would not impact existing employee benefits and urged employees that were struggling to reach out to their line managers.

Other support available includes free counselling sessions and each office has qualified mental health first aiders.

Tandem Bank’s deputy CEO, Alex Mollart, said: “We know that times are tough right now and recognise that, as a responsible employer, we should provide help where we can. As well as offering a wide range of wellbeing tools and employee benefits, it’s important we provide additional support where and when it’s most needed.

“The government has made moves in the hope of addressing the cost of living crisis, but with pressure still mounting, we’re pleased to be able to offer some tangible support to our people now.”

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