Jaguar agrees with its workers on pay rise deal

Signs are seen outside the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil NobleSigns are seen outside the Jaguar Land Rover plant at Halewood in Liverpool, northern England, September 12 , 2016. REUTERS/Phil Noble

Jaguar Land Rover has agreed upon an inflation-beating pay deal with its worker including a higher holiday bonus and payment of a lump sum. 

Earlier today, Britain’s biggest carmaker, Jaguar Land Rover, has announced its agreement upon a pay deal with its British workers to pay a higher holiday bonus as well as an extra lump sum in order to reduce inflation. The deal comes as a sign of the pressure UK firms have been experiencing since the cost of living rose as a result of Brexit.

Jaguar originally sought to offer a pay rise of 1.6 billion pounds ($2 billion) due to a 40% drop in profit. However as a result of certain factors the carmaker’s workers will now receive a two-part pay rise to their salaries in addition to increased for the first year holiday bonus of 400 pounds and for the second a bonus of 410 in addition to a lump sum of 750 pounds.

The increase in salary has been divided in two parts: during the first, starting from this month all of Jaguar’s workers will receive a 3.5% hike in payment. The hike will be followed by a second-year pay rise, which be a combination between a Retail Price Index (RPI) measure of inflation- currently standing at 2%- plus an extra 0.5% on top of the RPI.

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Martina T.
Martina Terzieva is a content writer for Business News Feeds. She likes to dig deep, find the most interesting things that happen and share them with the world. Besides news, Martina writes poetry, she's also a musician and a sound engineer.

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