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A Northern Ireland financial services company is to hike the salaries of its employees by at least 5% in what it says is a direct response to the rising cost of living.

FinTru, which employees more than 1,000 people around the world from its Belfast headquarters, said staff will receive an additional £2,000, €2,000 or $2,000 (depending on location) or an additional 5% increasing in their base salary, whichever is greater.

Uniquely, the increase is “completely independent of our year-end merit-based compensation process”, the company said in a statement, adding that the company is performing “exceptionally well” and in a strong financial position to implement the increase without impacting the usual year-end process.

All employees apart from the company’s senior leadership team – known as executives and managing directors who already received an enhanced benefits package - will receive the increase.

FinTru’s move is designed to help its staff counter inflationary pressures across the world, with the consumer price index in the º£½ÇÊÓƵ climbing by nearly 8% and the annual inflation rate in the US at 8.3% in April.

“At FinTrU, we heavily invest in our people as part of their professional careers, but we are also fully aware of the current inflationary situation globally and want to continue to support our employees,” FinTrU Founder & CEO, Darragh McCarthy, said. “Therefore, FinTrU has taken the decision to increase salaries due to the present level of cost-of-living expenses across the global landscape.”

The salary increase will be effective from 1 July 2022 and any future employees, who have received an offer to join FinTrU, will also have their salary adjusted accordingly.

“As a company, FinTrU has a social purpose to create high-quality employment on a global scale,” FinTrU Chief of Staff, Katrien Roppe, said. “This decision to increase our employees’ salaries is something we are proud to do.