First Supermarket to Offer £10 an Hour Minimum Wage for Employees

  • Morrisons becomes the first UK supermarket to guarantee £10 an hour minimum wage
  • 96,000 employees set to receive a 9% pay increase
  • Increase funded by direct payroll investment and changing bonus scheme
  • Pay has increased by over 46% since 2015
  • Employee consultations led to changes in bonus scheme
  • Ballot for the deal opens on January 27, 2021

Morrisons has become the first supermarket in the UK to guarantee a minimum wage of £10 an hour, with nearly 96,000 employees set to benefit from a 9% pay increase. The new pay terms will begin in April and are funded by direct payroll investment and changes to the discretionary annual colleague bonus scheme. Since 2015, pay has increased by over 46%. Employee consultations led to the change in the bonus scheme, with the majority of costs covered by direct payroll investment. The deal is subject to a ballot opening on January 27, 2021.

Factuality Level: 10
Factuality Justification: The article provides accurate information about Morrisons’ new pay deal for its employees, including the increase in minimum wage and the percentage of costs covered by direct payroll investment and bonus scheme changes. It also includes quotes from relevant sources such as David Potts, CEO of Morrisons, and Joanne McGuinness, Usdaw National Officer, to support the information presented.
Noise Level: 3
Noise Justification: The article provides relevant information about Morrisons’ new pay deal for its employees and the positive impact it will have on their wages. It includes quotes from key figures involved in the decision-making process and highlights the benefits of the change. However, it could provide more context on the current minimum wage standards in the UK and how this move compares to other supermarkets’ pay scales.
Financial Relevance: Yes
Financial Markets Impacted: Morrisons’ stock price and other supermarket stocks may be impacted by the announcement.
Financial Rating Justification: The article discusses a significant pay increase for Morrisons employees, which could potentially affect the company’s financial performance and may have an impact on its stock price as well as those of other supermarkets in the industry.
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 in the text. The main topic is Morrisons supermarket’s announcement of a new pay deal for its employees, increasing their minimum wage to £10 an hour starting April.

Reported publicly: www.retailsector.co.uk