PwC staff set for pay cut as M&S offer rise

UP to 2,000 staff at the Irish operations of PricewaterhouseCoopers (PwC) are to take a 10% pay cut while Marks and Spencer is offering employees a pay increase.

The accountancy firm said is it not planning widespread redundancies and is putting measures in place, such as reduced working weeks to prevent this happening.

It is also offering incentivised leave for travel and study and temporary transfers to PwC offices worldwide. The company said applications for leave will be decided on a case-by-case basis.

“Where we have surplus capacity and have exhausted all options we may look to make some roles redundant,” a spokeswoman said.

The company also said it may not be able to offer all of its trainees work opportunities on expiry of their contracts.

Last year PwC took on 250 graduates but it said this year recruitment will be “subject to requirement”.

Meanwhile, Mandate trade union said it reached an agreement with Marks and Spencer for a new pay deal which is “above and beyond” the terms of the National Wage Agreement.

It said the retailer has agreed to pay staff members wage increases of up to 6.7% above current rates of pay.

Staff will also see an increase of more than 50% of their in-store discount limit which has been raised from e1,270 a year to €3,000.