Amid ongoing economic challenges, UK employees are increasingly looking to their employers for assistance with daily expenses, particularly through supermarket vouchers.
- Perkbox data reveals a 54% surge in employer-provided voucher use from June 2023 to June 2024, highlighting the pressure of the cost-of-living crisis.
- Significant increases in voucher redemptions at major supermarkets emphasize the reliance on employer support.
- Food prices have accelerated at a rate nearly three times higher than the previous decade, despite a decline in overall inflation.
- Businesses offering additional support differentiate themselves in the competitive job market, according to Perkbox CEO Doug Butler.
As economic challenges persist, UK workers are increasingly looking to their employers for assistance in managing their daily expenses. Perkbox, a global rewards and benefits platform, has reported a 54% increase in the use of employer-provided supermarket vouchers between June 2023 and June 2024. This surge underscores the ongoing pressure of the cost-of-living crisis as employees seek ways to make grocery shopping more affordable.
The data from Perkbox, which serves over 3,500 companies and more than 80,000 UK users, shows remarkable growth in voucher redemptions at three of the country’s largest supermarkets. Asda reported a 69% increase, Tesco saw a 45% rise, and Morrisons experienced a 33% uplift. These figures highlight the growing reliance of employees on employer support to alleviate financial stress amid rising living costs.
The Office for National Statistics has reported that food prices have surged by 25% over the past two years, a rate nearly triple that of the entire past decade. This rapid escalation in food prices highlights the persistent challenge of managing everyday expenses, despite a decrease in the UK’s headline inflation rate.
Doug Butler, CEO of the Perkbox Vivup Group, emphasized the importance of continuing support for employee well-being in the face of economic uncertainty. “Despite fewer recent headlines, the continuing high cost-of-living continues to be a challenge for employees,” he said. Butler further noted that companies providing additional support not only enhance employee well-being but also gain a competitive edge in the job market.
The ongoing economic pressures underscore the need for innovative employer support measures to aid employees facing high living costs.
