Discount retailer Poundstretcher has announced a 10 per cent pay increase to its nearly 4,000 employees, effective from 1 April.
All employees with over one year’s service will be eligible for the rise, which the company said would cover over 70 per cent of the store’s workforce, and making the majority of Poundstretcher customer-facing staff eligible for the pay rise.
“This 10 per cent 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,” Aziz Tayub, owner of the company, said.
The company has implemented a 10 per cent last year, rewarding employees for their hard work post pandemic and for the positive turnaround of the company’s profits post successful Company Voluntary Arrangement (CVA).
Poundstretcher’s profitability has grown from strength to strength since 2020. The company said it is now looking towards growth in sales, profits and number of stores, which should generate over 2,000 jobs over the next five years.
“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,” Tayub added.
Poundstretcher opened over 30 stores nationwide in 2022, with plans to open another 50 by the end of 2023.
