Santander UK today announced that it would be giving over 11,000 employees a 4% pay increase, effective from 1st August, to help with the increased cost of living.

All employees earning under £35,000 (full time equivalent) will be eligible for the rise, which covers 60% of the bank’s workforce. This means the majority of Santander UK’s customer-facing branch and contact centre staff will be eligible. 

Chief Executive, Mike Regnier, said: “The increased cost of living is impacting households across the country, so we have looked at how best we can help the majority of our own people who play such important roles for Santander. This 4% pay raise will make a real difference to the majority of our customer facing and contact centre staff who are committed to helping our customers and businesses prosper in the current economic climate.” 

Santander UK will also increase its entry level salaries to £19,500 from 1st August. 

The pay rise and increased entry level salaries were agreed with the Advance & CWU Unions.

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Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 31 December 2021, the bank had around 19,200 employees and serves around 14 million active customers, via a nationwide branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers’ eligible deposits are protected by the Financial Services Compensation Scheme (FSCS) in the UK.

Banco Santander (SAN SM, STD US, BNC LN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful presence in 10 core markets in the Europe, North America and South America regions, and is one of the largest banks in the world by market capitalization. Its purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising over €120 billion in green financing between 2019 and 2025, as well as financially empowering more than 10 million people over the same period. At the end of 2021, Banco Santander had €1.15 trillion in total funds, 153 million customers, of which 25.4 million are loyal and 47.4 million are digital, 9,900 branches and 197,000 employees.