TSB bank is the latest lender to join its peers in announcing pay raise for employees to help them deal with soaring inflation.

According to workers’ union Unite, 4,500 employees at TSB will be given a £1,000 bonus.

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The payment will be made in two stages, with the first one being paid in October this year and the remaining in February 2023.

All the staff earning up to £35,000 at the bank will be eligible for the payment.

Unite national officer Caren Evans said: “Unite was able to successfully demonstrate to TSB that the lowest paid members of staff are struggling to meet their costs of living.

“The agreement announced today is welcome news for over 4,000 staff and the £1,000 payment will be given to all those regardless of whether they are full or part-time workers.”

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“We know that the rising cost of living is a concern for many of our colleagues, so we will be supporting eligible colleagues this winter with an additional cost-of-living payment of £1,000,” TSB Bank spokesperson was quoted by the UK publication Independent.

The bank added that the bonus comes on top of a pay hike and bonus already paid to employees in March.

At the time the bank increased its starting salary to £21,000 a year for all staff.

Last week Santander UK and Virgin Money announced a pay raise. Before that their peers including NatWest, Barclays and Lloyd’s Banking Group announced similar measures.