Retail giant Currys is giving another pay rise to its staff under moves to help them cope with the cost-of-living crisis.

Hourly rates will increase by a further 3.5% to £10.35 across the UK and to £11.43 in London – the third rise in the last 13 months and just one month after the latest increase came into effect.

The company, which has more than 300 stores, has now increased hourly pay by 15.6% in just over a year.

The announcement follows an extensive review by Currys’ cost-of-living group, which was set up earlier this year and is made up of senior leaders from across the business to develop a response to support employees.

The latest announcement will benefit around 10,000 hourly paid employees.

When it comes to more capable and committed colleagues, we’re putting our money where our mouth is

Alex Baldock, group chief executive at Currys, said: “Every day I hear from colleagues who are feeling the impact of the rising cost of living and we’re determined to do what we can to help. That’s why I’m proud to announce that we’re again increasing our minimum pay rates.

“When it comes to more capable and committed colleagues, we’re putting our money where our mouth is.

“We’ve invested tens of millions over the last three years in supporting colleagues. Whether it’s more pay (minimum pay up 38% over the last five years in the UK), better bonus schemes, skills, new opportunities and career paths, we’ve invested. I’m proud of that and we’re a better business because of it.”

Paula Coughlan, chief people, communications and sustainability officer at Currys, added: “Everyone has been having to deal with the increased cost of living and we haven’t underestimated what it means for our colleagues.

“While we have a range of ways of helping our colleagues at this challenging time, we know that boosting base pay is the most meaningful action we can take.

“We really mean it when we say that colleagues are our magic ingredient, it is thanks to their continued dedication that we’re able to help everyone enjoy amazing technology.”

Currys has a wide range of support available to employees, including mental health master classes, staff discount on products and “crisis loans”.