A Leicestershire-based discount retailer has announced that it will be awarding its employees a 10 per cent pay increase to help with the cost of living crisis.
It is the second year in a row that Poundstretcher has rewarded its workforce with a pay increase which is above inflation.
The pay increase, announced earlier today (January 26), will affect nearly 4,000 employees at the discount chains 350 stores across the UK, which include several in Leicester.
All employees with over one year’s service will be eligible for the rise, which covers 70 per cent of the store’s workforce.
Explaining his reason for the wage hike, Poundstretcher’s owner Aziz Tayub said: “This 10 per cent 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.”
Last year the company also implemented a 10 per cent increase on salaries to reward employees for their hard work post pandemic and for the positive turnaround of the company’s profits post successful Company Voluntary Arrangement (CVA).
Poundstretcher’s profitability has grown from strength to strength since 2020, they say. They are now looking towards a profitable future which will drive growth in sales, profits and number of stores, which should generate over 2,000 jobs over the next five years.
“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,” added Mr Tayub. “We wanted to do more to support them and to say thank you for their commitment to quality service and customer care”.
