M&S makes biggest ever investment in retail pay
Marks & Spencer is investing £95 million in its retail pay by raising the rate for customer assistants from £12 to £12.60 per hour.
For staff working in London, the hourly rate will increase from £13.15 to £13.85.
Meanwhile, UK team support managers will see their hourly rate will rise from £13.05 to £13.65, while for those in London it will increase from £14.20 to £14.90.
The move marks the biggest investment the retailer has made in its retail pay offer and its third consecutive increase since Stuart Machin became its chief executive in 2022.
The new rates will come into effect from 1 April and will be awarded to around 50,000 colleagues.
Machin said: “Following the Government’s recent increases in tax and national insurance contributions, it’s no secret that M&S and indeed the entire retail sector has some significant cost headwinds to face into in the new financial year.
“However, I have always believed that we should not allow these headwinds to impact our hourly paid colleagues, which is why today, for the third year in a row, we are making a record investment in our retail pay offer.
“This means we have now invested almost £300 million in our pay over the past three years, well above the rate of inflation, in addition to our market leading discount and pension offer for colleagues.”
Last year, M&S invested £89 million in its UK retail pay and a further £5 million to enhance its maternity, paternity and adoption policies. The latest investment means that since 2022, M&S has invested more than £285 million in its retail pay package.
