The number of Tesco (LON:TSCO) shop workers taking part in a legal challenge to secure equal pay has swelled to 1,000, the Guardian reports. The challenge could potentially lead to Britain’s biggest supermarket paying £4 billion.
Tesco’s share price has slipped marginally into the red in today’s session, having inched 0.31 percent lower at 253.80p. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.11 percent higher at 7,600.59 points.
Equal pay claimants rise
The Guardian reported yesterday that law firm Leigh Day has filed a further 900 claims against Britain’s biggest supermarket at the employment tribunal on behalf of shop assistants, on top of the 100 who started the legal action earlier this year.
The workers, three-quarters of whom are women, say they earn up to £3 an hour less than mostly male Tesco warehouse workers in similar roles. Up to 200,000 shop-floor staff could be affected by the claim, which could cost the grocer up to £20,000 per worker in back-pay over at least six years.
“We’ve had an incredible response to the announcement of this legal action,” Paula Lee, one of the lawyers handling the Tesco claims at Leigh Day, told the newspaper. The Guardian also quoted a Tesco spokesperson as noting that the supermarket “cannot comment on an ongoing legal matter, but we will be defending this claim about equal pay”.
Analysts on blue-chip grocer
The 16 analysts offering 12-month price targets for Tesco for the Financial Times have a median target of 275.00p on the shares, with a high estimate of 300.00p and a low estimate of 200.00p. As of July 11, the consensus forecast amongst 22 polled investment analysts covering the blue-chip group has it that the company will outperform the market.