Tesco offers workers pay advances as cost of living surges

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Esco has said that it will offer advance on salary to the employees to help them amid the current cost-of-living crisis.

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The supermarket group, which is the UK’s biggest private employer, said it hoped the move would cover workers until Christmas.

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It comes days after confirmation that inflation hit a 41-year high of 11.1% last month, driven by a jump in energy and food costs.

The grocer said around 280,000 workers could benefit from the new scheme that will allow workers to get up to 25% of their contract wages early.

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Employee Salary Finance will pay a single set fee of £1.49 per advance to the firm’s financial employee benefits partner.

The supermarket firm said the move is designed to help co-workers avoid taking out costly loans with high interest payments, such as payday loans.

It comes a month after Tesco gave hourly wage workers a pay rise for the second time this year.

James Goodman, UK people director at Tesco, said: “We know that co-workers can be faced with unexpected bills, such as car repairs or a washing machine replacement, which can leave them feeling low.

“To help their financial well-being, we have launched Pay Advance to give them a simple and low-cost way to access some money they have already earned.

“We hope this helps support colleagues especially in the run up to Christmas.”

Credit: www.standard.co.uk /

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