Swiss retailer Migros and its social partners have agreed to increase the wage bill by up to 2.5% in 2024.
Companies that grant an increase of less than 2.2%, will make an additional one-off payment to compensate.
The company added that within this range, the wage increases offered by the companies subject to the L-GAV will be negotiated with the respective local personnel commissions (PeKo) until the end of October.
Migros aims to compensate for inflation for its employees despite the slowing Swiss economy.
Migros offers flexible parental leave as well as various work and vacation models to ensure a healthy work-life balance.
Employees also benefit from initiatives such as non-mandatory child allowances for families with low incomes, launched on 1 January 2023.
Moreover, the company makes two-thirds of pension fund contributions for employees who are entitled to receive the L-GAV benefit.
Other benefits include special employee offers, loyalty bonuses, and additional Cumulus points for offers and discounts.
In May of this year, the administration of the Federation of Migros Cooperatives (Migros-Genossenschafts-Bundes - MGB) decided to operate the supermarket business of Migros as an independent, centrally controlled company.
The new unit will be a subsidiary of the MGB, managed by its own board of directors and operationally by its own management. Representatives of the regional cooperatives and the MGB will sit on the board of directors.