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Metro Bank Announces Cost of Living Support for Colleagues

26th September 2022
  • Metro Bank to increase salaries by 2.75% for 98% of its colleagues
  • Combined with the average 5% salary increase awarded in April, 98% of colleagues will have received an average 7.75% salary increase in 2022

Metro Bank welcomes the government’s announcement reversing the recent National Insurance rise, providing an improvement to all employees’ net take home pay. 

Recognising that the rising cost of living is challenging for everyone across Britain, Metro Bank has chosen to pass on its own National Insurance savings and will make an additional contribution to award 98% of its colleagues with a 2.75% salary increase.  In combination with the previous 5% average salary increase the bank awarded colleagues in April, this equates to a 7.75% salary increase on average this year. 

The salary increase will not apply to the most senior colleagues at the Bank and is independent of the annual pay review due in March 2023.

Daniel Frumkin, CEO, said: “We welcome the Government’s timely intervention to help our colleagues deal with the current cost of living crisis.  We are pleased to be able to boost the Government’s help with our own by passing on our National Insurance saving and also making an additional contribution. The combined effect of the National Insurance saving and the salary increase will make a difference to our colleagues’ monthly take home pay and that’s what matters right now.

“We also believe that a salary increase, as opposed to a one-off payment, will provide much-needed help for the ongoing challenges associated with the cost of living. The announcement by the Chancellor has helped us to fund that increase and it is only right that we pass that saving on to our biggest asset, our people.” 

As a community bank, Metro Bank has also implemented a package of measures for its customers.

A Specialist Support Team is available to help customers experiencing financial difficulty with support tailored to their individual circumstances and we have provided specialist training for colleagues to deal with the non-financial impacts on customers. We are also contacting customers we have identified as needing extra support before they fall into arrears. In addition, we have also published a support hub on our website, signposting customers to specialist support services.