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John Lewis Partnership reportedly has plans to boost staff pay by 10% as part of a £116m investment, according to Retail Week.
The Waitrose owner will reportedly confirm the “record” pay increase when it releases its latest full-year results next week on 14 March.
From 1 April, the minimum pay rates at the retailer will rise by 10% to £12.89 in London and £11.55 per hour everywhere else.
It is understood that John Lewis Partnership’s latest pay boost will be the largest across the sector this month, after Tesco also revealed its “biggest ever single investment” of £300m into shop employees and more than Currys’ £13m boost in wages.
While the retailer is anticipated to show another year of tough trading in its latest fiscal results, chair Sharon White told JLP workers in January that the business would “more than break even” after it made a £234m loss last year.
The group, which is currently executing White’s turnaround plan, has ramped up its efforts in recent months to cut costs. It is likely to cut as many as 11,000 roles over the next five years as part of its cost cutting efforts.
