Top Stories
Amazon UK to spend 170 million stg on staff pay rises
Published by Uma Rajagopal
Posted on October 9, 2023
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Uma Rajagopal
Posted on October 9, 2023
Amazon UK to spend 170 million stg on staff pay rises
LONDON (Reuters) -Amazon UK will spend 170 million pounds ($207 million) on two pay rises for its frontline operations staff over the next six months in a move which could catch the attention of the Bank of England which is keeping a close eye on inflation pressures.
The internet giant, which employs 75,000 in the UK, said on Monday that from Oct. 15, minimum starting pay would increase by at least one pound an hour to between 11.80 pounds and 12.50 pounds, depending on location.
Pay rates will further increase to between 12.30 pounds and 13 pounds an hour from April next year.
The increases mean Amazon’s minimum starting pay will have risen by 20% in two years, and 50% since 2018, it said.
Last month, as it paused a run of interest rate hikes, the BoE said record growth in workers’ pay, which has been its biggest concern, was not backed up by other measures of the labour market, suggesting it expected wage growth to slow soon.
Amazon UK also said it has started recruiting for more than 15,000 seasonal roles across the UK for the festive period.
Last week, supermarket groups Morrisons and Aldi said they were hiring 3,500 and 3,000 extra staff for the Christmas season.
($1 = 0.8214 pounds)
(Reporting by James Davey; Editing by Kate Holton)