LONDON (Reuters) – British electricals retailer Currys said on Friday it was raising hourly pay rates for a third time in 13 months as competition heats up to attract and retain staff in a tight labour market amid a worsening cost of living crunch.
The group, previously known as Dixons Carphone, said that from Oct. 30 hourly paid staff across the UK would get a minimum rate of 10.35 pounds ($11.57), up 3.5%. Staff in London will get a minimum of 11.43 pounds. It said over 10,000 workers would benefit.
Currys said that over the last 13 months, it had increased UK minimum hourly rates by 15.6%. UK inflation was 9.9% in August.
“While the last hourly rate rise only came into effect last month, the current economic climate and feedback from colleagues has led Currys to boost rates again now,” it said.
With Britain’s jobless rate at its lowest since 1974, the Bank of England is watching pay settlements closely as it mulls further rises in interest rates.
Several other UK retailers have recently announced staff pay rises, including Marks & Spencer, Sainsbury’s, John Lewis and Lidl GB.
($1 = 0.8949 pounds)
(Reporting by James Davey; Editing by Mark Potter)
