What is the cost-of-living crisis?
The cost-of-living crisis is the term that has been coined for rising costs in the UK, on products and services used in every UK household and business ranging from energy prices to the cost of the weekly shop. This has led to a fall in disposable income, and has been caused by a combination of the war in Ukraine, high inflation and tax increases.
This result of this has been both individuals and organisations cutting back on spending, and a fall in wellbeing rates as the crisis takes a financial, emotional, and sometimes physical toll.
Employment law resource
- Employee wellbeing and mental health
- Employee Retention
- National minimum wage, real living wage and pay
News articles
- How large employers are responding to the cost-of-living crisis
- HR’s role in reducing business expenses during the cost-of-living crisis
- Record rise in real living wage
How to guides
- How to support employees who are struggling financially
- How to implement an Employee Assistance Programme
Training and guidance
Templates
- General staff benefits (model documents and policies)
- Agreement for repayment of a season ticket/welfare/financial hardship loan
- Employee form to apply for a season ticket/welfare/financial hardship loan
- Training costs agreement
Letters
Pay and bonuses
- Letter to inform staff they will be given a salary increase due to the cost-of-living crisis
- Letter to decline payrise request due to cost-of-living increases
- Letter to inform employee they will be awarded a bonus due to the cost-of-living crisis
- Letter to accept payrise request due to cost-of-living increases
- Letter advising of pay increase due to increase of the real living wage rate
- Letter to all staff regarding reversal of increase in NI contributions
- Letter confirming non-payment of a standard performance related bonus
Employee support
- Letter to inform staff of new EAP service
- Letter to remind staff of EAP availability
- Letter to outline the support options available to employees during the cost-of-living crisis
- Letter to inform staff they will be provided with a free meal through the cost-of-living crisis
Policies
- Bonuses policy
- Financial wellbeing policy
- Energy saving policy
- Season ticket/welfare/financial hardship loans policy
Webinar
Checklists
- Supporting an employee who is struggling financially
- Checklist for supporting staff through the cost-of-living crisis
- Checklist for HR’s role in reducing business expenses during the cost-of-living crisis
Contractual clause