Tesco Ireland today announced a significant investment in pay and benefit improvements for its fellow retailers, hundreds of whom are based in Cork City and County.
The retailer announces a 10% general salary award for retail colleagues covering 2021, 2022 and 2023, to be applied as follows:
- A 6% payout award effective April 1, 2022 (2.5% of which will be retroactive to April 2021).
- A 4% payout award starting April 1, 2023.
The salary award announced today follows recent investment in benefits, including paid maternity, paternity and adoption leave, and the introduction of a new industry-leading pension plan, representing a total investment in compensation and benefits of $40 million. of euros.
Today’s payout award is in addition to two years of discretionary buddy bonus payouts of 2.5% for 2021 and 2% for 2022.
It also comes at a time when many companies in the hospitality and retail sector are struggling to fill numerous job vacancies.
Since Covid-19 started, Tesco has paid a further €10m in pandemic bonus payments to colleagues. It has also continued to support colleagues with enhanced colleague discounts, life insurance and earlier access to staff rewards for new colleagues.
Ms Natasha Adams, CEO of Tesco Ireland, said the payment award was a positive day for colleagues.
“I am pleased to be able to make this announcement to our colleagues at a difficult time for families with rising costs of living,” he said.
“Building this pay award will help provide pay security and benefits to our colleagues, secure our business and jobs for years to come and continue to make Tesco a great place to work.
“Our colleagues are at the heart of our business, and I thank them for their continued hard work and dedication to serving our customers and communities.”
Since the enhanced benefits were introduced in March 2022, 70 colleagues have benefited from paid maternity, paternity and adoption leave, and an additional 1,000 colleagues are now saving for retirement who were not before.