Woolworths has announced a first-of-its-kind benefits package designed to change the lives of thousands of its employees.
Source: © Festival Mall
Festival Mall Woolworths has announced a first-of-its-kind benefits package designed to change the lives of thousands of its employees
In addition to the range of benefits already available to them, as of July this year, over 24,000 Woolworths employees have access to health insurance for the first time. The company is the first in the retail sector to step forward with a tailor-made, comprehensive benefits offering of this scale.
Thousands of Woolworths frontline employees in the retailer’s stores and distribution centres now have access to private, day-to-day medical care, including general practitioners, dentists, optometrists, and acute and chronic medication.
In addition, the company has brought together healthcare and wellness support in a more integrated and accessible way, which will be facilitated through the Momentum Health4Me Gold programme. The offering also brings together healthcare, risk cover, and wellness support into an integrated, digital platform, which is designed to provide meaningful support and peace of mind for its people.
Momentum, Woolworths’ partner in the initiative, applauded the programme. “This initiative is a true game changer for the industry. This partnership exemplifies Woolworths’ commitment to making a real difference in the lives of South Africans by providing access to affordable, quality healthcare services, death, disability, and funeral benefits,” said Rigitte van Zyl, Executive for Group Insurance and Damian McHugh the head of marketing and growth at Momentum.
Annual profit decline
Reuters meanwhile reports that the retailer expects an up to 29% decline in full-year headline earnings, due to the weaker-than expected performance of its Australian clothing chain Country Road Group.
It reports, "Headline earnings per share (HEPS) are seen falling by between 24% and 29% in the 52 weeks ended 29 June, from 364.2 cents in the 53 weeks ended 30 June 2024.
"The retailer has also written down the value of certain underperforming brands with Country Road Group, taking a non-cash impairment charge of R917m ($51m) following a reassessment of the assets.
"The impairment does not impact the HEPS," says the report.
(Reuters reporting by Nqobile Dludla; editing by Himani Sarkar)
