Currys raises pay for third time in 13 months amid staff shortage

theguardian.com:

Currys has raised pay for the third time in 13 months to attract and retain workers amid a labour shortage and rise in the cost of living.

The electrical goods retailer said that from 30 October it was increasing rates by 3.5% to a minimum of £10.35 an hour (£11.43 in London), only a month after a previous rise came into effect.

The announcement follows a review by Currys’ cost of living group, set up earlier this year, which is made up of senior managers from across the business.

The company joins a string of other retailers to have raised pay twice in the past year amid a battle for workers and a rate of inflation that has hit 9.9%, eroding living standards.

The Bank of England governor, Andrew Bailey, has cautioned against large pay increases that could lead to inflation becoming “embedded” in the economy. Unions dismissed his argument as “a call for a national pay cut”.

Currys said “the current economic climate and feedback from colleagues” had led to the extra pay rise before its regular pay review in the spring, the results of which workers usually receive in August.

Alex Baldock, the group chief executive, said: “Every day I hear from colleagues who are feeling the impact of the rising cost of living and we’re determined to do what we can to help.”

The business is offering a discount of between 3% and 5% every week on shopping at major grocers such as Asda, Morrisons and Sainsbury’s and free counselling on budgeting.

Last week Lidl and Marks & Spencer increased hourly pay. Lidl shot to the top of the retail pay league by taking entry-level hourly rates from £10.10 to £10.90 outside London and from £11.30 to £11.95 within the M25 that circles the capital. However, its pay for an eight-hour shift works out only 50p more