Following recent discussions between Unite in AXA local reps and our members to discuss ways of helping alleviate the cost of living crisis on employees in AXA UK, we have collated and submitted a list of suggestions to management.
Top of the list was a one-off cost of living payment. A number of financial services sectors have already made awards to their employees (most commonly £1000) and we have requested AXA do the same, looking at the most beneficial way to get the maximum amount into your pocket.
There were a number of other suggestions including increasing the benefits through MAX (especially supermarket discounts and adding energy providers); expanding the season ticket loan scheme to a general loan scheme; help on commuting costs including extending the repayment period for Cycle2Work; breakfast/dinner clubs; a lunch allowance for office workers; an employee hardship fund; the reintroduction of the homeworking allowance and the supply of heating equipment to employees who require during the winter months.
We have submitted the ideas to AXA management and are looking forward to their considered response as soon as possible.
With inflation running at around 9% at the moment, and with rumours of inflation increasing to as much as 11% in the autumn, we should perhaps be lobbying for a one-off cost of living payment to reflect inflation increases that have taken place this year, and a pay rise next year that comes closer to the inflation levels currently being seen. Unlikely to fly I know.
We have requested a one-off cost of living payment. Pay negotiations will start next year but consultation with members will start October/November.
I’d like to note that those in training are currently coming into the office 5 days a week and probably won’t be included in this discussion because it’s mandatory until mid September. What can be done to help with our cost of living?
So what happened to the not travelling to the office to save travel costs?
If we do still need to attend the office then AXA should consider a monthly travel bursary of up to £50 per employee until the end of the fiscal year. At that point it should be included in pay rise negotiations.
“So what happened to the not travelling to the office to save travel costs?”
Still waiting for a response from the company…
Our (associate level) pay rise for completing another year of doing the job to a successful level was 4.5%. Inflation (CPI) was at 6.2% in March (when our pay rise was applied), so in real terms, we had a pay cut. This also doesn’t take into consideration the following 12 month period of increases until pay negotiations come around again. Our poorest paid employees are being hit the hardest in these trying times, and once again, year on year we see a real world pay cut, we have less spending power than 12 months ago and another year of thinking what else can we cut back on.
My pay rise equalled roughly £1000, spread over the year, after changes in Tax/NI, this resulted in a £37 a month increase in take home pay. My Child Tax Credits (due to being classed as a low earner) has been reduced by £36 a month due to my now higher salary, so as you can see, my actual pay rise was £1 a month.
My gas and electric per month increase on it’s own is around £120 a month (not taking into account clothing, diesel, food, council tax etc), with another increase to fuel bills due in October of 40-60% on the cards, this is assumed to take CPI/RPI closer to 11%.
Will we ever get an inflation beating pay rise?
If anyone knows how to make my extra £1 a month spread over all my increased bills, suggestions are greatly appreciated.
Sounds like good progress, provided management are reasonable. I think keeping to push pay negotiations when they start back up should be top priority to fight this. the one off payment will be a good help but we need to be increasing wages not just to fight the cost of living but to reflect the increased value of our labor as our productivity grows and AXA’s profits with it.
I like many others am also very concerned about our real terms pay cut given the current and foreseeable levels of inflation.
I’m sure we all appreciate that we are remunerated above average in terms of the nation and other companies, however so too is the quality and commitment we put into our work above average.
I am really concerned about paying my bills and I have started to look for jobs outside of AXA in order to benefit from new and appealing rates of pay from these companies who are offering rates in line with inflation, in order to capture the talent not being appropriately remunerated.
Like others in the comments, I too disagree with the coercive nature that we are being encouraged into the office in order to collaborate and get that pre-pandemic office buzz, what about my travel time and cost? What about my quality of life? What about the high quality of work we’ve all done remotely for over 2 years?
I’m all for a successful companies, directors and shareholders earning well, however it’s time this was shared to the masses and loyalty was rewarded from the bottom up.
Pay consultations starting next year is simply not good enough considering the dire position many find themselves in. In fact, even a £1000 one off payment is no where near enough for the workers of this company as it will barely cover energy bill increases never mind everything else at this rate.
AXA is a multi billion pound company (do they think we cant see their public accounts?) which absolutely can afford a wage rise in line with inflation, sheer greed is the only thing stopping it. Without its workers, AXA essentially ceases to exist because it is technologically so far behind – again due to sheer greed.
There is no massively complicated discussion or debate to be had around this issue, we keep the company ticking over – not shareholders. Yet shareholders income is through the roof with dividends being increased last year (the cheek of that) while we get a real terms pay cut? Unacceptable.
Maybe its time we considered strike action if wages are not addressed appropriately…
Have you heard back from AXA on this? With the energy price hike announced today I’m anxious for the coming months and I’m sure a lot of my colleagues are too.
We are still waiting for an official response. We know the matter is being discussed at the highest levels but our current understanding is that no decision has been made yet. Unfortunately with AXA things have a tendency to move slowly due to the number of entities and stakeholders, though we are frustrated that other companies are able to have taken action already (eg. Aviva)
I appreciate your efforts with this but am at a loss to understand why AXA is taking so long to make a decision when other large companies, with different entities and shareholders, have acted swiftly.
Our pay rise was derisory for such a rich company making huge profits for shareholders while forgetting their staff as usual. We see public sector workers getting large pay increases and other private companies giving inflation beating pay rises and cost of living payments. And what do we get? Told to come into the office more, patronisingly sold as being for our mental health, despite this adding to our costs and for me at least casing me a lot of stress and anxiety.
Lloyds of London are giving all staff personal who earn under £75,000, a one off payment of £2,500. Be nice if AXA followed suit…
Any update on this as with bills getting higher alot of people need support
We understand the company will be responding tomorrow.