In a bid to revive its position in the UK market, Tesco has announced its plans to hire 20,000 new staff over the next two years.
The company said the new jobs would include full and part-time positions, and some apprenticeship placements for new employees.
Prime Minister David Cameron hailed the announcement and said the news was a “massive confidence boost for the UK economy”.
“Their commitment to creating jobs and opportunities for young people at what is a difficult time for the economy is fantastic news for the UK as a whole and for those people they will help into work,” he said.
The new jobs would all be brand new positions and would not be counterbalanced by job losses elsewhere in the business.
Speaking to the BBC, Richard Brasher, Tesco’s UK chief executive, said the company would focus on “giving opportunities to young people currently unemployed”.
“With youth unemployment at record levels, we’re determined to target many of our new jobs at young people currently out of work – so that in this difficult jobs market those who need help the most will get it.”
“This is net job creation, although we will continue to run our business as efficiently as we can, this is a determination for this to be net new jobs,” he said.
Back in January, the supermarket giant issued its first profit warning in 20 years after dismal Christmas sales. The company’s market share had fallen to a seven-year low of 29.7 per cent and it forecasted “minimal” profit growth in 2013.