A 10% pay rise for staff announced by Poundstretcher will complement its existing employee benefits offering, according to the company.
The high street retailer, which is awarding the increase to workers who have completed a year or more of service from 1 April, explained that the pay boost will be offered in addition to the exclusive perks employees currently enjoy.
Poundstretcher staff have access to an Employee Assistance Programme (EAP), the My Staff Shop benefits portal, a 10% staff discount on all products in store, a £50 voucher for qualifying employees, 20% friends and family events and recognition vouchers for store colleagues. The company is also in the process of launching a financial wellbeing app for employees.
When announcing the wage increase, owner Aziz Tayub said: “This 10% pay raise will make a real difference in this current climate to the majority of our employees who are committed to servicing our customers and growing our business in the current economic climate.”
The pay rise follows an increase of the same percentage last year, which the company implemented to “reward employees for their hard work post pandemic and for the positive turnaround of the company’s profits”.
Tayub added: “This will be the second year in a row we will have introduced a second pay rise in the same year for our store colleagues, we wanted to do more to support them, and to say thank you for their commitment to quality service and customer care.”
Around 4,000 workers representing 70% of the retailer’s workforce are expected to benefit from the scheme.
Anthony Painter, policy director at CMI, said: “We have seen employers across a range of businesses do what they can to support their staff through the cost of living crisis.
“While few are in a position to offer inflation-busting pay rises, many are looking to help through measures such as increased flexibility, adjusting working hours so that employees can save on child care, one-off payments to help with fuel bills, employee voucher schemes, health benefits, or a chance to participate in learning and development to help them improve their career prospects.”