Tesco Bank have given over 3,400 staff a pay rise of £1,250.
The payments are designed to help workers meet the increase in the cost of living. Over 90 percent of the bank’s employees are eligible for the money, which comes in addition to the annual pay review in May of this year.
The chief executive of Tesco Bank, Gerry Mallon, said: ‘The rising cost of living is having an impact on households across the country, and we’ve been listening to colleagues about how this is affecting them.
‘That’s why we’ve taken action and awarded a permanent increase to base pay for the majority of our colleagues.
‘The salary increase aims to provide sustainable, long-term support to colleagues, including our contact centre colleagues who show great commitment to helping our customers in the current economic climate.’
A spokesperson for The Workers Union said: ‘This organisation has been calling for companies to step up and pay their employees a fair wage throughout the cost of living crunch. We are pleased to see that more businesses are listening, but this is not the end of the story. There are still many thousands of people in a tight spot – and they need help, not a shrug of the collective shoulders.’
Tesco Bank’s announcement comes hot on the heels of budget supermarket chain Aldi’s decision to pay its warehouse workers more. From February this year, staff will receive £13.13 an hour – a £1.65 increase. This is the third time the company has made an increase since the beginning of 2022 and follows the firm’s decision to boost pay for its store assistants.
The Workers Union Says…
With so much of our lives spent at work, it is hardly surprising that many of us feel our value is determined by our pay packet.
We can debate the wider mental and social implications of this forever, but what cannot be denied is that a decent day’s pay for a decent day’s work is as much a part of the fundamental structure of society as taxation or law and order.
So why it is important that business leaders acknowledge this? For the simple reason that throughout the pandemic, the economic crisis, Brexit and many other periods in our history, it’s workers that have pushed the carriage out of the tunnel and into the light. Backing them is a vote of confidence in our country and its future. With the stakes so high, no decent society can afford to turn the other way.