Technology retailer Currys has announced a 5.2% base pay increase for hourly paid staff, in response to the rising cost of living.
From 1 August 2022, employees who earn an hourly rate will see minimum pay rise to £10 an hour – taking staff pay above both the national living wage (£9.50 an hour for employees aged 23 and over from 1 April 2022) and the voluntary Living Wage rate, recommended by the Living Wage Foundation (£9.90).
While higher than the average pay settlement of 3%, Currys’ pay increase narrowly misses the CPI rate of inflation, which in January was 5.5%.
It will be the second pay increase for Currys staff in 12 months. In October 2021, it raised staff pay in line with the Living Wage Foundation’s recommended minimum rate.
The retailer said the pay increase is in recognition of employees’ continued support, expertise, and flexibility as it continues the transformation of its business.
Rising cost of living
Chief people officer Paula Coughlan said: “We understand the mounting pressures from the increased cost of living and what this means for our colleagues. We want to make sure we’re doing our part to support them, and that’s why we’re proud to offer higher hourly base pay rates across our 10,000 colleagues. At Currys, our colleagues are our magic ingredient and it’s thanks to them we’re able to help everyone enjoy amazing technology.”
The organisation said it had also invested almost £25m into staff wellbeing, training and reward programmes.
From 1 April, new national living wage and national minimum wage rates will apply to all organisations.