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Primark to raise UK store workers’ pay by 9.1%
Global Banking & Finance Review®
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LONDON (Reuters) – Clothing retailer Primark said on Monday that around 27,000 staff in Britain would get an average pay increase of 9.1% from April 1, making it the latest retailer to reflect an upcoming rise in the government-mandated minimum wage.
LONDON (Reuters) – Clothing retailer Primark said on Monday that around 27,000 staff in Britain would get an average pay increase of 9.1% from April 1, making it the latest retailer to reflect an upcoming rise in the government-mandated minimum wage.
Primark is part of Associated British Foods.
WHY IT’S IMPORTANT
Wage rises are being closely observed by the Bank Of England which monitors pay settlements as it assesses whether the inflationary pressure in the British economy has eased enough for it to cut interest rates from its highest level in 16 years.
BY THE NUMBERS
Primark said it will raise its average rates of hourly pay for shop workers across England, Scotland and Wales to 12.00 pounds and 12.56 pounds for workers in London.
Britain’s main government-mandated minimum wage rate is due to increase to 11.44 pounds ($14.69) an hour on April 1 from 10.42 pounds for those aged 21 or over.
CONTEXT
Several food and clothing retailers have raised their minimum rates of staff pay, including John Lewis by 10%, supermarket Asda with an 8.4% pay rise and Marks & Spencer with a 10.1% pay raise for around 40,000 store staff.
Sainsbury’s, Aldi, Lidl, Amazon UK , and Costa Coffee have also announced pay rises for 2024.
(This story has been refiled to add the dropped words ‘Amazon UK’ with link to the story in paragraph 7)
($1 = 0.7786 pounds)
(Reporting by Farouq Suleiman; editing by William James, Jason Neely and Tomasz Janowski)
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is often measured by the Consumer Price Index (CPI).
The Bank of England is the central bank of the United Kingdom, responsible for issuing currency, managing monetary policy, and overseeing financial stability.
Wage increases refer to the rise in the amount of money paid to employees for their work. These can be influenced by factors like inflation, cost of living, and labor market conditions.
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