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.