Marks and Spencer (M and S) will increase UK retail staff pay by 6.4% from 1 April.
The retailer’s hourly pay will increase to at least £13.41 for its 55,000 UK customer assistants, which is more than double the current 3% rate of inflation as of January according to the Office for National Statistics.
Pay for London-based customer assistants will also increase by 6.4% to £14.74 per hour. This represents a £132 per month, or £1,587, a year rise for the year ahead, compared to last year, and is part of a £70 million investment from the organisation.
M and S has invested more than £350 million in staff wages in the last four years, equivalent to an increase of more than 34%. This is part of its aim to prioritise employees’ pay.
Stuart Machin, chief executive at M and S, said: “Our store employees are at the heart of our business, welcoming and serving our customers every day and it is important that we invest in them and their pay. This is a good cost and I am pleased that we have been able to make this inflation-beating pay award, alongside our leading package of benefits. This investment reflects the central role our people play as we reshape M and S for growth. As always, I thank our employees for their continued hard work and commitment.”
In addition, the organisation offers benefits designed to support employees and their families. This includes an uncapped 20% discount across all of its branded food and fashion, home and beauty products, a sharesave scheme, and pension contributions of up to 12%. Together, its new rate of base pay and benefits package could be worth up to £16.33 per hour.
