Tesco Ireland has announced an overall pay hike of 10% for its staff, in a move that will be spread over three years.
The company said a 6% pay increase became effective from 1 April 2022, of which 2.5% will be backdated to April 2021. An extra 4% hike will be awarded from 1 April 2023.
It noted that the hike is on top of two years of discretionary colleague bonus payments (2.5% for 2021 and 2% for 2022).
Tesco Ireland noted: “The pay award announced today follows recent investment in benefits including paid maternity, paternity and adoptive leave, and the introduction of a new industry leading pension plan, representing a total investment in pay and benefits of €40m”.
Natasha Adams, CEO of Tesco Ireland, added: “I am pleased to be able to make this announcement for our colleagues at a challenging time for families with rising living costs.” She said the move would offer certainty of pay and benefits for staff and secure jobs in the years ahead.
NAM Implications:
- A pointer for UK staff?
- …and other retailers?
- Another restraint in terms of matching some discounter prices?
