City firm Norton Rose Fulbright has unveiled plans to increase salaries by as much as 10% for lower-paid workers in response to the cost of living crisis.
In contrast to other firms that have made one-off payments, the firm said it wanted to provide ‘sustained, longer-term support’ to its staff. Salaries will increase by 5-10% for all full-time employees who are currently paid less than £48,000 a year, effective from next month.
This follows a one-time 3% bonus awarded in January to those below partner-level. At the start of the year, the firm also increased its existing discretionary bonus pool by a third to further reward high-performing employees.
As of next month, the firm has also announced it will increase its UK newly-qualified salary to £105,000. NQs who achieve what the firm calls the ‘required hours’ have the potential to earn between £118,125 and £147,000. Salaries will also be raised for associate level.
This increase is in addition to the firm’s usual annual salary review process and half-year bonus scheme.
A spokesperson said: ‘We continue to monitor the market for developments and remain committed to offering competitive remuneration through a combination of base salary, performance bonus and benefits to compensate and reward our people.’
The Bank of England said today that a sharp rise in energy bills will drive inflation to 13% by October, its highest level for 42 years.