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.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
