As inflation rises above 10% for the second time this year, workers across the Ƶ face financial strain with soaring fuel and food bills.
As a result, a growing number of Welsh businesses are giving one-off payments to their staff to help with the cost of living crisis. BusinessLive Wales takes a look at some of the firms in Wales supporting staff financially.
Atradius
One of the Ƶ's largest trade credit insurance firms Atradius, which is headquartered in Cardiff Bay, is giving its staff a £1,600 payment this month to help support them through the cost of living crisis.
The insurer, which employs 426 people across the Ƶ and Ireland, said all employees except senior managers will receive the payment at the end of October. This includes graduates, interns and those on temporary contracts.
The management board made the decision to support employees as inflation continues to rise and people face record-high prices on fuel, food and energy.
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In addition to the one-off payment, the majority of staff receiving a 4.75% and 7.25% pay increase in April 2022.
Stuart Ramsden, regional director in the Ƶ and Ireland, said: "The team at Atradius are on the frontlines helping our customers with navigating a turbulent economy amid the cost of living crisis. But we know that this is a challenging time for them, too.
"That’s why we’re supporting them and their families financially where we can, and we’ll be continuing to look for ways we can do this going forward such as our 50% price reduction staff restaurant in the Ƶ Headquarters.
"I’d like to sincerely thank everyone for their hard work and team spirit during these times, and I hope this payment shows a token of my appreciation."
Ogi Wales
Welsh broadband company Ogi is giving 70% of its staff a £1,200 cost-of-living payment, topping up salaries by £400 a month for three months.
The firm has also introduced a series of measures to support staff including workshops on personal budgeting and free access to one-to-one independent financial advice accompanied by a confidential employee assistance programme.
A pool of online resources is also available to help staff manage their financial and wider wellbeing needs.
People experience director Lisa Hand said: “All of our staff are affected by the cost-of-living crisis in one way or another, and our package of support has something to help everybody during this challenging time. As we continue to prioritise the wellbeing of staff during these unprecedented times, we’ll do everything we can to listen and offer our people the support they need, when they need it most.”
Chief executive officer Ben Allwright said: “Building on the support we’ve already offered to our customers through the Ogi Max Offer, I hope this package for staff will go some way to helping ease the pressure, and help them get through this challenging time.
“This is about looking after our colleagues – our customers or our teams on the ground – making sure we provide as much support as we can, whatever an individual’s circumstances might be. A business like ours is nothing without its people, and in times of need it’s important we remind ourselves of this and offer a helping hand where we can.”
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Aldermore Bank
Retail bank Aldermore, which provides financial services to small and medium-sized businesses, is making a second cost of living payment following an initial payment to staff over the summer.
The Reading-headquartered bank employs just over 2,000 people, with its biggest division at its Cardiff office which employs 750 staff.
Last month, Aldermore announced that employees on lower salaries will be receiving a further £1,000 cost of living allowance. The payment will be made from November and spread over the winter months.
The median salary of those receiving the payment is £29k.
The bank has not disclosed how much this will cost the business but says it is a "significant amount" with over £1.5m of unbudgeted cash.
Aldermore has also set up a special fund for the first time for employees who are particularly struggling.
MoneySuperMarket
The price comparison website is giving a one-off £2,000 payment to half its workforce in September to help with the cost of living crisis.
The business, headquartered in Flintshire, will give the bonus to its employees that earn £55,000 and below to assist with rising costs.
Chief executive Peter Duffy said: "As the cost-of-living crisis bites, we're doing all we can to help the British consumer. We've performed well with strong profit growth despite some mixed end markets. At the same time we're making strategic progress towards becoming a flexible tech-led savings platform, with all our core data now in Google Cloud Platform."
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