Retirement specialist Just Group is to give all staff earning under £50,000 a year a one-off payment of £1,200 to help them cope with soaring inflation and energy bills.

The company says the payments, to be made in the October payroll, will help more than 65% of colleagues meet a spike in living costs.

Just Group joins a growing list of firms helping staff with cash payouts.

The new Just Group cost of living package for staff means:

• Colleagues with an annual salary under £50,000 will get a one-off payment of £1,200 (subject to tax & NI)
• Colleagues earning between £50,000 and £60,000 annually will receive a one-off payment of £600 (subject to tax & NI); 
• Part-time colleagues will receive a pro-rated amount

Lisa Davis, chief people officer at Just Group, said the company wanted to go further financially than recent government support and would also help staff with financial and mental well being initiatives.

She said: “Our people make our business possible and while the Government had confirmed some support, the company wanted to do more to help colleagues through what looks set to be a difficult period. So we have put in place a package of additional financial support for more than 65% of colleagues."

“In addition to the one-off payments, we have an established and wide range of support to help colleagues with their financial and mental wellbeing.”

Just Group joins a growing number of large companies introducing schemes to help staff with the cost of living crisis.

A recent survey by PwC found that more than four in five large employers were adding packages to help employees. Most were opting for higher pay for key workers but some were also bringing forward pay reviews or offering one-off bonuses. 

About 15% of large employers had also added other support, including staff shopping discounts and financial wellbeing initiatives.