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By Scott Kanowsky
Investing.com -- Rolls-Royce Holdings PLC (LON:RR) will deliver a £2,000 cash bonus to nearly three-quarters of its U.K. workforce as the engine maker looks to help its employees deal with rising living costs, according to a Sky News report citing an internal memo.
The company will also offer a 4% pay bump backdated to March to 11,000 workers, Sky News reported.
In total, 14,000 of Rolls-Royce's 20,000 employees in Britain would benefit from the decision. The lump-sum payment and the wage increase will cost the company more than £40 million, according to a Sky News source.
Rolls-Royce would join several other British companies, including Lloyds Banking Group (LON:LLOY) and Morrisons, who have rolled out additional pay in response to soaring inflation.
A spokesperson for Rolls-Royce did not immediately respond to a request for comment.
London-listed shares in Rolls-Royce were higher in early trading on Tuesday.