Agency gives every employee £750 cost of living help

An agency is giving every one of its 600 full time employees a £750 one-off payment to help with the cost of living crisis.

Kinleigh Folkard & Hayward, one of London’s largest independent property groups, has more than 60 branches across the capital and 10 business divisions. 

Managing Director Lee Watts announced the bonus at the company’s annual awards evening and says: “My directors and I are very aware of the challenges people are facing in relation to the current cost of living situation.

“We have an incredible culture here at KFH and we know this is due to our people. We wanted to recognise their hard work and commitment, and we hope this payment will provide some assistance.

“I was extremely proud we were able to retain our workforce on their full salaries when the property market shut down during the pandemic, and I am proud we are in a position to support our people through another difficult period.”

This kind of payment is not unique in the property sector.

Housebuilder Taylor Wimpey is giving 90 per cent of its staff (that is, those paid up to £70,000) some £1,000 passed on in monthly instalments while Barratt has announced a £1,000 cost of living bonus for 6,000 staff below senior management level, paid out over a six month period.

Annual inflation is still running at around 10 per cent according to the Office for National Statistics, and although that is below the peak seen at the start of the year it remains near a 40 year high.

According to the ONS average wages - excluding bonuses - measured in the year to the end of December rose by 6.7 per cent, meaning most employees will have seen pay rises below the rate of inflation.

Meanwhile last month the Bank of England - which has a target to keep inflation at 2.0 per cent - last month increased interest rates for the 10th time in a row, taking the base rate to 4.0 per cent. The next interest rate announcement is on March 23.