Tesco Ireland makes €40m investment in pay and benefits for retail colleagues
Print31 May 2022
Tesco Ireland has announced a significant investment in pay rates and enhancement to benefits for its retail colleagues.
Earlier this week, the retailer announced an overall 10% pay award for retail colleagues that covers 2021, 2022 and 2023.
This involves a 6% pay award effective from 1 April 2022 (2.5% of which will be backdated to April 2021) and a 4% pay award effective from 1 April 2023.
Tesco says its latest announcement follows recent investment in benefits including paid maternity, paternity and adoptive leave, and the introduction of a new industry leading pension plan, representing a total investment in pay and benefits of €40 million.
The new pay award is additional to two years of discretionary colleague bonus payments of 2.5% for 2021 and 2% for 2022.
Since Covid-19 began, Tesco said it has paid a further €10 million in pandemic bonus payments to its colleagues. It has also continued to support colleagues with enhanced colleague discounts, life assurance and earlier access to staff rewards for new colleagues.
Natasha Adams, CEO of Tesco Ireland, said the pay award was a positive day for colleagues.
“I am pleased to be able to make this announcement for our colleagues at a challenging time for families with rising living costs,” Adams said.
“Solidifying this pay award will help to provide certainty of pay and benefits for our colleagues, secure our business and jobs in the years ahead and continue to make Tesco a great place to work,” she added. “Our colleagues are at the heart of our business, and I thank them for their continued hard work and dedication to serving our customers and communities.”
Since the enhanced benefits were introduced in March 2022, 70 colleagues are benefitting from paid maternity, paternity, and adoptive leave, and 1,000 more colleagues are now saving for their retirement who were not previously.
Since July 2021, Tesco has engaged in discussions on retail pay and benefits with trade unions and colleague representatives including local discussions, attendance at the Workplace Relations Commission (WRC) and the Labour Court. In a press statement, Tesco thanked the Court for its time.
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