Compass Group to offer staff loans and salary advances to help with cost of living
Compass Group UK and Ireland is to offer grants to staff to help with emergency payments as part of a wider package to tackle the spiralling cost of living.
The foodservice giant said the support measures were to help its 50,000 employees cope amid a "difficult time".
Under its ‘Helping Hands' scheme employees can receive funding on a grant basis to help with unexpected payments. Compass is also planning to offer salary-linked loans, salary advances and "financial education" schemes, which will be available soon.
All staff are offered a free meal during their shift, which Compass said equated to around 200,000 meals a week, and the group is extending its community food donation scheme to include hot meals.
Robin Mills managing director of UK and Ireland at Compass, said: "Each and every one of our colleagues does an amazing job, day in and day out, and we appreciate all that they do.
"We are proud of our caring culture and are committed to supporting our people and the communities we serve during this difficult time."
Compass said more than 60% of its employees were paid the Real Living Wage (RLW), an hourly rate calculated by the Living Wage Foundation as the amount people realistically need to live on. It is voluntarily paid by over 11,000 UK businesses.
The rate rose to £11.95 per hour in London and £10.90 across the rest of the UK in September, a record 10.1% increase to reflect the rising cost of living.
Compass said all new staff it directly employs from 1 November would be paid the higher rate and it was working with its clients to move staff to the new rate "in the coming weeks and months".
Mills added: "Ultimately, the health, safety and wellbeing of our people is always our top priority, so we urge any of our employees to reach out for our support if ever they need it."
Earlier this month hospitality company Green & Fortune announced it was to offer staff additional payments of up to £600 to help with the rising cost of living.
Restaurant chains including Pret A Manger and Itsu have also raised wages in a bid to help staff cope with rising costs.
