Tesco Ireland has introduced an overall 10% pay increase for staff that covers 2021, 2022, and 2023.
The company said a 6% pay rise is effective from 1 April 2022, 2.5% of which will be backdated to April 2021.
A further 4% increase will be awarded from 1 April 2023.
Natasha Adams, CEO of Tesco Ireland said, “I am pleased to be able to make this announcement for our colleagues at a challenging time for families with rising living costs.”
“Solidifying this pay award will help to provide certainty of pay and benefits for our colleagues, secure our business and jobs in the years ahead, and continue to make Tesco a great place to work,” She said.
The pay award announced today follows recent investment in benefits including paid maternity, paternity and adoptive leave, and the introduction of a new industry-leading pension plan, representing a total investment in pay and benefits of €40m.
The company says the pay award is additional to two years of discretionary colleague bonus payments of 2.5% for 2021 and 2% for 2022.
Since Covid-19 began, Tesco highlighted that it has paid a further €10 million in pandemic bonus payments to its staff.
It has also continued to support its staff with enhanced discounts and life assurance, throughout the pandemic.
Tesco noted that it is the largest private-sector employer in Ireland, and offers its staff highly competitive market rates and industry-leading Total Reward and Benefits.