King Charles is reportedly set to pay staff members a bonus to help with the cost-of-living crisis.

The 73-year-old monarch - who acceded to the throne upon the death of his mother Queen Elizabeth in September - is said to be personally boosting the wages of those on his payroll who less than £30,000 a year by £600.

A source said: "The King is giving money out of his own pocket to the lowest earners working for the household to help them cope with the cost-of-living crisis. It is being given on a sliding scale with those most in need and on lower wages getting the most money."

The insider went on to claim that the pay rise is designed to target the members of staff - of which there are thought to be 491 across Windsor Castle, Balmoral and Buckingham Palace as well as a further 101 staff at Clarence House - who "need it the most" because the royal is "aware" of the rising cost in energy bills.

A source told The Sun newspaper's Fabulous Magazine: "It is to target where it is needed the most in the Royal Household and reflects the reality of the economic situation the country faces. The King is very much aware of the soaring energy bills people are facing and worried about the economic wellbeing of loyal palace staff and doing what he can.”

The news comes amid reports that the King's coronation - which is set to take place in May 2023 - will be scaled down as a reflection of modern times.

A source said: "The King is very aware of the struggles felt by modern Britons so will see his wishes carried through that although his coronation ceremony should stay right and true to the long-held traditions of the past, it should also be representative of a monarchy in a modern world. The King has long been an advocate of a streamlined or slimmed-down monarchy and this project could certainly be said to fit with his vision. He has already spoken of his wish to continue his mother’s legacy and this includes continuing to recognise what the people are experiencing day by day."