Asda said it would freeze prices on 600 products between Feb. 21 and May 31 to help customers manage rising living costs. ($1 = 0.8368 pounds) (Writing by William Schomberg; editing by David Milliken)
Reuters Messaging: william.schomberg.reuters.com@reuters.net)) LONDON, Feb 17 (Reuters) - British supermarket chain
Asda announced a 10% pay rise for 115,000 staff on Friday, the
kind of increase likely to catch the attention of the Bank of
England, which is worried about inflation pressure in the
economy.
Asda said most of the pay rise would take place in April,
with a further small increase in July. Hourly pay for most
workers will rise to 11.11 pounds ($13.28) an hour from 10.10
pounds, while workers in the London area will see pay increase
to 12.28 pounds an hour from 11.27 pounds.
Asda said the increase would cost it 141 million pounds in
2023, and had been agreed with the retail workers' trade union
Usdaw. Including the latest increase, Asda has raised staff pay
by 18% over the past two years.
Staff who had worked for more than three months with the
company would also be given a bonus which would be set at the
end of February, Asda added.
BoE Governor Andrew Bailey earlier this month expressed
concerns about wage-setting, despite signs that the surge in
inflation - which hit 11.1% in October before falling to 10.1%
in January - had turned a corner.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.