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NatWest to Raise Pay for 22,000 Staff in Face of Inflation

  • Workers earning less than £32,000 to get 4% salary increase
  • Lloyds Banking Group and Barclays have made similar changes

NatWest Group Plc will give more than 22,000 staff an average pay rise of around £1,000 ($1,199) from September to help them cope with the cost-of-living crisis.

Staff earning less than £32,000 will get a 4% salary rise, according to an internal memo seen by Bloomberg News. NatWest said it had discussed the move with Unite and the Financial Services Union, which it said supported the proposal. The bank had more than 40,000 UK-based staff at the end of 2021, according to its annual report.