Thousands of workers at accountancy giant PwC will get a pay rise of almost 10 per cent to address the cost of living crisis and retain staff, it has been reported. It is understood that half of the firm's UK workforce - which numbers more than 20,000 - would get an increase of at least 9%, with 70% getting a rise of 7% or over.
PwC is investing in excess of £120 million in funding pay rises, the BBC reports. It is also said to be allocating another £138 million to cover the cost of bonuses this year - up £10 million on the previous year.
Kevin Ellis, PwC's chairman, said the company "can't ignore market pressures" and aims to "ensure pay at every level is as competitive as possible". "We know pay will be an increasingly important consideration given rising living costs - we want to stay competitive and continue attracting the best talent and skills from across the UK," he said.
