Trade Me gives all permanent staff $3500 pay boost

Source: 1News

Trade Me is giving all permanent employees a $3500 pay boost to their base salaries.

File image: Wallet with money.

The company told 1News it will help employees struggling with inflation and the rising cost of living.

"The wellbeing of our people is our number one priority, and with inflation sitting at a 30-year high, we know that this is having a material impact on day-to-day living costs," Trade Me's chief people officer Annie Brown says.

The base salary increase came into effect on July 1 - and Brown says it's a separate one-off increase outside the company's normal bi-annual pay review cycles.

Other incentives offered by Trade Me include five days wellness leave each year and a free staff lunch once every fortnight.

Trade Me chief people officer Annie Brown.

It comes as there was finally some good news for Kiwis' wallets on Wednesday, with more major banks joining ANZ in cutting their two-year mortgage rates.

BNZ revealed it was slashing its "classic" two-year mortgage rate from 5.69% to 5.39%, while its standard rate will drop from 6.29% to 5.99%.

READ MORE: Major banks cut two-year mortgage rate

Westpac has also lowered its two-year fixed rate to 5.45%, the same as ANZ, which cut its special rate on Tuesday.

Interest rates have been steadily climbing in recent months, although the cost of wholesale funding for banks has fallen in recent weeks.

It's expected that the Reserve Bank will once again lift the official cash rate next week.