Tesco has recently announced plans to raise staff salary by 10.5% over the next two years to combat inflation, alongside a better maternity package with an additional 14 weeks’ half pay for all staff. CEO Matt Davies has said “This reward scheme is the biggest we’ve made for a decade”
Reported in Reserach Snipers, the news comes as the Bank of England sees a rise in inflation over the next two years, suggesting Tesco making the move earlier might urge employers to pay higher wages when inflation start affecting the economy. According to the report, the earlier indicators showed the fastest level of shrinking UK wages after the inflation.
The current hourly rate in the UK Tesco stores is £7.62 pounds per hour and will see an increase to £8.42 pounds per hour by November 2018.
Tesco says average store worker at Tesco will receive almost £9.52 pounds an hour by November 2018 – considering other benefits such as pension and bonuses taken as an overall in monetary value.
The maternity package will be added from October this year which will see an additional 14 weeks’ half pay for all staff. The eligibility period for this will also reduce from two years to one year from July 2018.
Tesco already work with Reward Gateway to provide a range of benefits through the Colleague Deals & Discounts site, including discounts on Eating Out, Travel, Entertainment & Days Out, Fashion and Sport & Leisure.
They also offer ways to save money – either through cashback transferred straight to a bank account to Instant Vouchers that can be downloaded to spend in store. They also offer exclusive offers for brands such as Tesco Mobile, Pharmacy and Tesco Bank as well as Clubcard Partner deals.
Tesco is the biggest retail store in the UK and the largest private sector employer employing over 327,601 employees in the UK in 2017.