// Poundstretcher will give thousands of its employees a 10% pay rise to help with the rising cost-of-living
// The discount retailer rewarded its staff with a 10% bonus for their hard work last year
Poundstretcher will give nearly 4,000 employees a 10% pay rise to help cope with cost-of-living pressures.
The discount retailer said over 70% of its workforce is eligible for the salary increase which is effective 1 April.
This will be the second year it has given staff a pay increase. It boosted salaries in 2022 by 10% for their hard work which saw a positive turnaround of the retailer’s profits post its CVA.
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Poundstretcher owner Aziz Tayub said: “This 10% 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, Taybub said the retailer’s pre-tax profits are expected to have halved, dropping from £88 million to £45million over its latest financial year.
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