Dreams is set to provide its employees with a financial and wellbeing support package to assist them through the cost-of-living crisis. 

The bed retailer has invested £5m in the initiative, which it says will support colleagues in the run-up to Christmas as the cost-of-living crisis continues. 

The package includes advancing its annual pay increase from April 2023 to next month. The increase, the second of this year, will range between 4.3% and 8.6%, with the majority of staff receiving the higher pay boost. The executive team will not receive an increase.

Colleagues will also have access to supermarket discounts on Asda, Tesco, Iceland and Marks & Spencer, a free out-of-hours GP service to help them protect their holiday allowance and financial support and debt management through The Retail Trust.

Dreams will close early ahead of Christmas again this year, from December 21, which it says will give its colleagues a “well-deserved break ahead of the busy trading period” when it reopens on Boxing Day.

Dreams chief executive Jonathan Hirst said: “We know that the rising cost of living and recent interest rate spikes means that life is getting harder, not easier for lots of people, including our colleagues. Our absolute focus is making sure that Dreams continues to be market-leading and here for the long term. Looking after our fantastic colleagues and putting them first is our priority; they are what makes our business what it is

“Despite a challenging operating environment, we wanted to do more to look after our colleagues and their loved ones through this period.”