Morrisons (LON: MRW) breaks the barrier, to pay at least £10 an hour to its colleagues

  • January 13, 2021 10:31 AM GMT
  • Team Kalkine

 

Amid the talks of poor pay levels in the retail industry, Morrisons has become the first UK supermarket to break the £10 an hour pay barrier.

 

  • The company intimated that as per the new deal it would guarantee pay of at least £10 an hour from the current £9.20 an hour, an increase of almost 9 per cent.

 

  • The new deal which is slated to start in April will result in a significant pay increase for 96,000 of its employees.

 

  • Morrisons’ chief executive, David Potts has termed the new pay deal as an important milestone to reward the hard-working colleagues.

 

  • The major contribution of the extra wage costs would be borne by the company, though discretionary annual colleague bonus scheme has also been scrapped to foot the cost.

 

  • The company is also paying 85pence of an inner London weighting and 60 pence for outer London weighting.

 

  • In the recently announced trading updates, the company had reported of sustaining strong momentum with 9.3 per cent of Group LFL over Christmas and New Year. In the first 22 weeks, period of second half, sales ex-fuel were up 8.1 per cent.

 

  • On 13 January 2021, the stocks of Morrison (WM) Supermarkets Plc (LON: MRW), traded higher by 1.00% from its previous closing, hovering at around GBX 182.45 at 09:13 AM GMT+1.

 

 


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