Esco has said that it will offer advance on salary to the employees to help them amid the current cost-of-living crisis.
The supermarket group, which is the UK’s biggest private employer, said it hoped the move would cover workers until Christmas.
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.
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 /