(Bloomberg) -- Santander UK became the latest bank to help staff with the cost of living squeeze, saying it would give more than 11,000 employees a 4% pay rise.

All staff earning less than £35,000 ($42,039), representing 60% of the workforce, will be eligible for the raise from August, the company said in a statement on Tuesday. Santander UK will also increase its entry level salaries to £19,500.

Fellow British lenders NatWest Group Plc, Lloyds Banking Group Plc and Barclays Plc have all pledged in recent months to pay most of their staff more as inflation reaches a four-decade high. 

“The increased cost of living is impacting households across the country, so we have looked at how best we can help the majority of our own people who play such important roles,”  Chief Executive Officer Mike Regnier said.

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