SINGAPORE - NTUC FairPrice announced today that with effect from July 1 this year, eligible non-executive staff will get up to 15.8 per cent in wage increment and adjustment.
Staff whose basic monthly pay are below $1,000 will see the biggest wage jump of about $140, which is almost three times NWC's recommendation.
With this increment and adjustment, the monthly gross wage of a full time non-executive staff at FairPrice, such as retail assistants and cashiers, will move up from a range of $1,080 to $2,095 to $1,200 to $2,200.
The wage of a staff depends on many factors such as work experience, years in service, scope of work and type of allowance given.
"Our people are our most important asset and it is our priority to ensure that their salaries are competitive and in tandem with economic and market conditions," said Mr Seah Kian Peng, CEO (Singapore) of NTUC FairPrice.
Excluding performance bonuses, this wage increment and adjustments will increase FairPrice's manpower coasts by over $10 million per year.
Commenting on the impact of the wage increase on the business bottom line, Mr Seah added, "While this wage boost will increase our manpower costs significantly, we feel that it is right to lift the wages of our staff as we employ innovative technologies to lift our productivity at the same time, so that we can continue to keep prices of daily essentials affordable for our customers."