Tesco announced that it will offer its workers advances on their paycheck to provide help through the worsening cost of living crisis.
The supermarket giant said it hopes the move will support workers in the run-up to Christmas. It comes just days after the government confirmed that Britain is facing a recession with inflation rates reaching a 41-year high of 11.1 per cent. The economic difficulties Brits are facing are mainly driven by the rising costs of energy and food.
According to Tesco, around 280,000 employees may benefit from the new scheme which will allow workers to get up to 25 per cent of their contractual pay early. A single fee of £1.49 will have to be paid by the employee per advance to the Salary Finance, the firm's financial employee benefit partner.
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James Goodman, UK people director at Tesco, said: “We know that colleagues can face unexpected bills, such as car repairs or replacing a washing machine, which can leave them short.
“To give them a helping hand with their financial wellbeing, we have launched Pay Advance to give them a simple and low-cost way to access some of the money that they have already earned.
“We hope this helps to support colleagues, particularly in the run up to Christmas.”
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