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(Alliance News) - Rolls-Royce Holdings PLC will hand out a £2,000 lump sum as well as a pay rise to employees to help with the UK's cost of living crisis, Sky News reported on Monday.
The jet engine maker is offering a 4% pay rise backdated to March to 11,000 shopfloor workers in its UK manufacturing plants, alongside the cash sum.
It also intends to provide the £2,000 lump sum to a further 3,000 junior managers.
The one-off lump payment will cost Rolls-Royce £28 million, while the pay rise will take the total cost to more than £40 million, Sky reported.
Chief Executive Warren East was said to have decided the pay rise was vital to maintain morale among the workforce.
https://news.sky.com/story/rolls-royce-hands-workers-2-000-to-ease-cost-of-living-squeeze-12637386
Shares in Rolls-Royce closed up 4.4% at 91.59 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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