Poundstretcher will give around 4,000 employees a 10 percent pay rise to help them cope with the ongoing cost of living crisis.
The discount retailer says more than 70 percent of its employees are eligible for the salary increase, which takes effect on April 1.
It will be the second year in a row that staff have been given a pay rise.
It increased salaries by 10 percent in 2022 to compensate for its efforts.
This resulted in a positive turnaround in the retailer’s profits.
Poundstretcher owner Aziz Tayub said: “This 10 percent pay raise will make a real difference in this current climate to the majority of our employees who are committed to servicing our customers and growing our business in the current economic climate.”
“This will be the second year in a row we will have introduced a second pay rise in the same year for our store colleagues.
“We wanted to do more to support them and to say thank you for their commitment to quality service and customer care”.
In June, Tayub said the retailer’s pre-tax profits are expected to have halved, dropping from £88 million to £45 million over its latest financial year.
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Source: Retail Gazette