HSBC will pay part of its British workforce an extraordinary payment of 1,500 pounds to help deal with the cost of living, according to a memo seen by Reuters on Monday. At the current exchange rate, this support is equivalent to 37,306 Mexican pesos.
In doing so, the company became the latest British bank to raise staff salaries, at a time when the country grapples with levels of inflation not seen in 40 years.
The bonus pay will be used in certain low-paying jobs, the memo said, adding that it was necessary to help ensure staff "avoid financial hardship."
HSBC (HSBA.L) reported better-than-expected earnings earlier on Monday and raised its return outlook as rising interest rates lift revenue.
Rivals NatWest, Barclays and Lloyds have also given thousands of their employees a bonus pay or raise to help them cope.
Employee union Unite welcomed HSBC's move, adding: "The union will continue to campaign to ensure all staff receive a fully vested pay rise to ensure pay rates remain at cost of living."
HSBC will consider the long-term impact of inflation for all staff going forward as part of its regular annual salary review, according to the memo.
With information from Reuters.
