RSA announces cost of living support to UK staff
Authored by RSA
RSA Insurance has announced a range of measures it is providing its UK workforce to help them with the rising costs of living.
Whilst the rising costs of living is a global challenge, we believe that some of these economic challenges are particularly acute in the UK. Over the past months, we have been thinking carefully about the support RSA is able to offer, balancing the needs of our people with our responsibility to continue to serve and provide value to our customers.
Having consulted with Unite the Union (Unite) the support we are providing in the immediate term is:
- In October 2022, all 4,700 (non-management group) colleagues will receive:
- a £500 one-off payment; and
- a permanent £500 increase to their current annual salary.
In addition to the above, other measures being implemented include:
- Our continued commitment to paying all staff in line or above the new Real Living Wage. In September, the Living Wage Foundation raised the Real Living Wage by 10.1%, the largest ever increase in the Foundation’s 11-year history, reflecting sharp increases in living costs. RSA will be fully compliant from 1 November, 6 months ahead of the required implementation date.
- A review of our more junior colleagues’ salaries across the entire business. As a result of the review, we will be further increasing the salaries of a significant number of colleagues in November.
- By July 2023, we will introduce a formal Pay Progression Scheme which will provide greater transparency to how we determine minimum salaries for various roles across the business. We will continue to engage with Unite on this, introducing a Pay Progression Framework which facilitates regular “Pay Progression” increases for colleagues in certain roles who reach specific milestones for ‘time in role’ in their first two to three years. This will give those starting out in their career clear visibility of their future earning power with RSA.
With a 300-year heritage, RSA is one of the world’s leading multinational insurance groups.
Today, RSA employ around 23,000 people, serving 17 million customers in around 140 countries. While RSA's origins lie in London, RSA is a global company with businesses in both mature and emerging markets. RSA have major operations in the UK, Ireland, Scandinavia, Central and Eastern Europe, Canada, Asia, the Middle East and Latin America. youTalk-insurance sharing insurance news and video.