Shell hands out ‘special recognition award’ as profits soar

Oil firm Shell has enjoyed record profits as energy prices have risen more and more.

Thanks to this, the company has decided to give its staff a “special recognition award” equivalent to eight percent of their salary, the Guardian has reported.

The one-off payment will be given to almost all of Shell’s 82,000 staff members around the world, excluding those on its executive committee, executive vice presidents and contractors.

Shell pointed out that the award was not being offered in response to the current cost of living challenges.

It comes as the business revealed it made almost £9.5bn ($11.5bn) for the second quarter in a row as gas and oil prices soared.

The company shared: “In recognition of the contribution our people have made to Shell’s strong operational performance against a recent challenging backdrop, our executive committee has decided to make a special recognition award of eight percent of salary to all eligible staff across the world.”

It added that the bonus would allow “employees to share in our current operational and financial success – it is not a response to inflation or cost of living challenges”.

Commenting on the profits seen by other energy firms, including BP, Frances O’Grady, general secretary of the Trades Union Congress (TUC), stated that they are “an insult to families struggling to get by”.

O’Grady added: “For a fair approach to the cost of living crisis, price hikes and profits should be held back. Ministers must do more to get wages rising across the economy. And we should bring energy retail firms into public ownership so we can reduce bills for basic energy needs.”

Cost of living bonus

Home construction firm Taylor Wimpey has revealed that the majority of its employees will pocket a £1,000 bonus on top of their salaries to help them with the rising cost of fuel.

Sky News reported that the payment will be given to staff on salaries of up to £70,000, equating to around 90% of the workforce.

The fee, which will be paid in monthly instalments from September to February, has been introduced after the business reviewed wages to “ensure competitive levels of pay, alongside our excellent benefits package”.

The business added: “We have been closely monitoring the impact of rising inflation and the predicted increase in fuel bills this winter on the cost of living for our employees.”

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