Lloyd's gives workers a bonus as UK inflation soars

Yahoo Finance anchors discuss the cost of living bonus Lloyd's is distributing to employees.

Video transcript

[MUSIC PLAYING]

JULIE HYMAN: London-based insurance exchange Lloyds announced plans to pay employees earning less than 75,000 pounds--

[SOUND OF CLOCK TICKING]

--an extra 2,500 pounds to help cover rising costs as the UK wrestles with multi-decade-high inflation. In US dollars, that means employees making roughly $86,000 or less will get a nearly $3,000 boost. Rising energy costs, of course, in that account for a large portion of the increases that the company itself has seen. Lloyds' energy bill for its London HQ, for example, up 250%.

So-- I mean-- you do have companies periodically make cost-of-living increases. That's sort of a standard thing that they do. Will we see more companies in the US doing this as well? One would have to think the balance of power has been in employees' favor. How many companies are actually giving raises based on the rate of inflation?

BRIAN SOZZI: I wouldn't mind a nice $3,000 check. I'm not living, obviously, in the UK, but the cost increases have been through the roof. I would even argue if that's enough? But I guess it's better than nothing.

JULIE HYMAN: Yes.

[BUZZER SOUNDS]

I guess the thought that-- no, it's not--

BRIAN SOZZI: The thought that counts?

JULIE HYMAN: --really, it's not the thought that counts in this (LAUGHING) situation.

[SOZZI LAUGHING]

You want the actual more money!

BRIAN SOZZI: Sorry, Julie! Sorry! Sorry.

[LAUGHTER]