Poundstretcher raising pay by 10% for nearly 4,000 employees

Poundstretcher is giving nearly 4,000 employees a 10% pay rise from 1 April.

All employees who have completed one year’s service will be eligible for the rise, meaning over 70% of Poundstretcher’s workforce and the majority of its customer-facing staff will receive it, according to the variety discounter.

“This 10% pay raise will make a real difference in this current climate to the majority of our employees who are committed to servicing our customers and growing our business in the current economic climate,” said Poundstretcher owner Aziz Tayub.

It folllows a similar 10% pay rise for Poundstretcher staff last year.

“We wanted to do more to support them and to say thank you for their commitment to quality service and customer care,” added Tayub.

Read more: Poundstretcher returns to profit as CVA reaps rewards

Poundstretcher also today revealed plans to open 50 stores by the end of 2023, having opened more than 30 in 2022.

A spokeswoman said the the retailer’s profitability was going from “strength to strength” following the successful turnaround of the business in a Company Voluntary Arrangement restructuring process launched in 2020. She said Poundstretcher was “looking towards a profitable future” and expected to create over 2,000 jobs over the next five years through growth.