British bank Barclays is bumping the pay for its 35,000 staffers in order to keep up with the pace of inflation.

Each worker will receive an extra £1,200 ($1,450) starting August 1. This comes after the bank conducted an annual pay review amid the soaring cost of living.

Last month, Britain recorded a 40-year inflation high, leading employers to adjust their pay to alleviate the burden of rising prices. 

Lloyds, another banking firm in the region, also recently gave most of its employees a one-off £1,000 bonus to address inflation.

During the throes of the pandemic, employers increased wages in order to entice new talent during the labor shortage. However, now many are at a crossroads and have found that their hiring sprees have exceeded consumer demand.

For some, this has led to numerous layoffs. For others, keeping their best workers in tow has proven to be priceless, but offering nice-to-have benefits no longer cuts it. Employees need the basics as the threat of a recession looms over: to make a decent living.