Largest Single-Year Increase in Decade, Boosting Hourly Rate by 40% Over a Decade
- Tesco invests £200m in hourly pay rise for CFC colleagues
- Pay increase from £9.55 to £10.10 effective from July 2022
- Customer Delivery drivers’ hourly rate increases by 90p from May 2022
- Tesco reaches agreement with trade union USDAW for new pay deal and increased access to extra hours
- Colleague Clubcard discount allowance increased by £500, totaling £1,500 annually
- Online platform launching later this year for schedules, training, and extra hour sign-ups
- One-year deal with pay review in 2023 amid economic uncertainty
Tesco has announced a £200 million investment to increase hourly pay rates for its Customer Fulfilment Centre (CFC) colleagues by 5.8%, raising the rate from £9.55 to £10.10 starting July 2022. This marks the largest single-year investment in hourly store/CFC pay in a decade and a 40% increase over the last 10 years. Additionally, Customer Delivery drivers will see a 90p increase in skills payment from May 2022, raising their hourly rate to £11.00. The supermarket has reached an agreement with trade union USDAW for a new pay deal, increased access to extra hours, and investment in training to enhance colleagues’ skills and flexibility. Tesco is also increasing the Colleague Clubcard discount by £500, totaling £1,500 annually. A new online platform will be launched later this year for viewing schedules, accessing training, and signing up for extra hours. The one-year deal considers economic uncertainty and will review pay in 2023. This investment supports colleagues’ physical and mental wellbeing.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Tesco’s investment in its employees, including pay increases, improved benefits, and a new online platform for schedules and training. It also mentions the agreement with the trade union USDAW and quotes from Tesco CEO and USDAW national officer.
Noise Level: 2
Noise Justification: The article provides relevant information about Tesco’s investment in its employees, including pay increases, improved benefits, and training opportunities. It also mentions the agreement with the trade union USDAW. The content is focused on the topic and supports its claims with specific details such as hourly rates and the duration of the deal.
Financial Relevance: Yes
Financial Markets Impacted: Tesco’s stock price may be impacted by this announcement.
Financial Rating Justification: The article discusses Tesco’s investment in its employees, which could potentially affect the company’s overall performance and financial situation. This can have an impact on the company’s stock price, making it financially relevant.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article, but it discusses a significant investment by Tesco in increasing pay and benefits for its employees.
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