H&M will pay an employee bonus
2022.12.21 13:00
H&M will pay an employee bonus
Budrigannews.com – After its archrival Inditex (BME:), the Swedish fashion retailer H&M announced on Wednesday that it would award a bonus of 530 euros to approximately 4,000 employees working in its stores in Spain and Portugal next month. offered 1,000 euros to shop assistants in its home country.
To offset soaring consumer prices, the world’s largest fashion retailers are responding to worker demands for higher pay.
The one-time payment that H&M received was agreed upon by two of the largest labor unions in Spain, UGT and CCOO—the same unions that came to an agreement with Inditex last month.
Lucia Trenor, a representative of the CCOO union, stated, “H&M’s bonus is lower but reaches more workers.” She also stated that Inditex’s bonus, which will be paid in February 2023, is contingent on the number of hours that shop assistants work.
According to a company spokesperson, the decision affects both Spain and Portugal, which is located in the Iberian Peninsula.
All shop employees who have been employed in Spain at least since January 2022 will receive 500 euros from the Swedish fashion retailer. Those who have worked for the company for at least six months will receive 250 euros.
Trenor said her association will continue to haggle to get higher wages past the oddball reward.
Unions in Spain have been forced to press employers for pay raises as a result of skyrocketing consumer prices. Strikes have taken place in a number of industries as a result of inflation, including retail and air transportation.
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On Black Friday, approximately 1,000 Inditex store associates in its home town in northern Spain went on strike and plan to go on strike again on Friday and January 7.
H&M has lost some ground and was the first large European retailer to announce a staff layoff in November, in contrast to Inditex, whose profits continued to rise despite inflation this year.
