Applied Underwriters raises staff salaries to offset inflation

Applied Underwriters Inc. said Monday it would raise staff salaries across the board by 10% to keep up with inflation, effective retroactively to June 20.

The insurer said in a statement that the effects of inflation had become “acutely” felt during the first and second quarters. It added it will reevaluate the impact of inflation on staff in the fourth quarter with an eye to possible further adjustments for its 1,000 employees.