Every member of staff at a Douglas-based bank is to get £200 extra a month to help them during the cost of living crisis.

Conister Bank this week announced its support over the next six months for workers.

Soaring electricity and gas prices have pushed up Manx inflation to 10.4%, according to the latest figures.

The Isle of Man’s government has agreed to freeze electricity prices until March 2023 to shield residents and businesses from a sharp increase in bills this winter.

More help is anticipated at a meeting of Tynwald on Thursday next week.

The Conister scheme, which takes effect from the end of September, not only covers everyone who works at Conister Bank, but all employees of the wider Manx Financial Group, Conister’s parent company.

The group employs more than 140 staff in the Isle of Man and throughout the UK.

With the expected hikes in gas bills, the volatility in oil prices and the worsening impact of rampant inflation – with the worst effects predicted to really hit home this winter, the directors said they acted quickly to provide additional support for all staff members.

‘As a responsible financial institution, we have a duty of care to our staff,’” said Conister’s managing director, Douglas Grant. ‘Here in the Isle of Man and the UK, we are seeing dramatic increases in energy bills and inflation is on the rise.

‘These payments demonstrate the kind of unspoken behaviour that drives our supportive culture and allows us to respond positively in these uncertain economic times.

‘With this in mind, our board members have been unanimous in their view that a payment of £200 per month for the next six months is the responsible way to support all employees over the winter period.

‘Everybody will be treated the same – from the longest serving member of staff to those who have only just recently joined, no matter if they are part-time, full-time or temporary.

‘We don’t just look to treat people well in good times but also when times are harder, as will undoubtedly be the case over the coming months.’

Conister is believed to be one of the first employers on the Isle of Man to have announced additional support payments for staff ahead of the coming winter.