Earlier this year the West Bromwich building society announced the provision of a financial hardship support fund to provide a helping hand to its colleagues who suddenly find themselves in financial difficulty, as well as a performance related pay award of 5 per cent for all employees.
The society recently decided it wanted to do more to help ease any financial burdens that its employees may face in the coming months so it has extended the support on offer. It has announced that it will make a one-off payment of £1,200 to 430 colleagues.
The payment is targeted at those earning £35,000 or less per year, with 70 per cent of the West Brom’s workforce benefiting. The hardship fund will also be extended to contractors who work on site at the building society, primarily for maintenance and cleaning.
Since its foundation in 1849 the West Brom has been committed to supporting its members across the West Midlands and beyond. Its fundamental principles have been, and remain, to offer people the opportunity to buy their own homes and to save for the future.
The payment in response to the rising costs of living will be made in four installments of £300 between October 2022 and January 2023.