Retailers looking to reduce hours and jobs as costs soar

SOARING employment costs mean retailers are looking to reduce staff hours and jobs as costs soar

- BY HENRY SAKER-CLARK

BRC chief exec Helen Dickinson

Retail employment costs mean retailers are looking to reduce staff hours or even cut jobs, bosses have warned.

Research from the British Retail Consortium showed that 61% of retail chief financial officers and finance directors plan to “reduce number of hours and overtime” for employees.

Many bosses said they are also looking at cutting head office or shop-floor jobs.

Retail employment costs rose by £5billion last year after hikes to employer national insurance contributions and the national living wage in April.