Report: Rolls-Royce to Offer a £2,000 Bonus to Employees During the U.K. Cost of Living Crisis

Sky News reported, based on an internal memo, that Rolls-Royce Holdings PLC (LON:RR) would give about three-quarters of its U.K. employees a £2,000 cash bonus to help them deal with rising living costs.

Sky News announced that it will give a 4% wage increase to 11,000 employees retroactive to March 1st.

The decision would benefit 14,000 of Rolls-20,000 Royce’s employees in the United Kingdom. According to a Sky News source, the lump-sum payout and wage boost will cost the corporation more than £40 million.

Rolls-Royce would raise pay like a number of other British companies, like Lloyds Banking Group (LON:LLOY) and Morrisons, in response to rising prices.

A Rolls-Royce spokeswoman did not quickly reply to a request for comment.

Rolls-Royce shares traded on the London Stock Exchange were up in early Tuesday trading.