Tesco Bank announces ‘cost of living’ pay increase for over 90% of workforce

19 January 2023

Tesco Bank has announced it is giving over 3,400 colleagues a £1,250 pay increase (on a full-time equivalent basis) to help with the increased cost of living. Over 90% of the bank’s workforce, those who are likely to be feeling the greatest impact from current cost of living challenges, are eligible for the increase which is effective from 8 January 2023.

The uplift to salaries, which followed discussions between Tesco Bank and both USDAW and Unite trade unions, is in addition to the bank’s annual pay review which will follow in May 2023 as normal.

Tesco Bank Chief Executive, Gerry Mallon, said:

“The rising cost of living is having an impact on households across the country, and we’ve been listening to colleagues about how this is affecting them. That’s why we’ve taken action and awarded a permanent increase to base pay for the majority of our colleagues.

“The salary increase aims to provide sustainable, long-term support to colleagues, including our contact centre colleagues who show great commitment to helping our customers in the current economic climate.”

About Tesco Bank

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Our colleagues serve our customers seven days a week from our main centres in Edinburgh, Glasgow, Newcastle and Reigate, and we are also available through online and mobile banking 24/7. Tesco Bank participates in the Chartered Banker Professional Standards Board.