M&S increases store staff pay
M&S is preparing to spend big on pay rises for its frontline staff. The UK retail giant said Wednesday it plans to invest £57 million, its biggest ever investment in wages.
From 1 April, more than 40,000 customer assistants will see their hourly rate increase to £10.90, up from £10.20, “meaning all M&S colleagues will be paid well ahead of the National Living Wage and in line with, or more, than the Real Living Wage”, it said.
The rate of pay for Customer Assistants in London will also increase to £12.05, up from £11.25.
It noted then new commitment means the hourly rate of pay has increased 20% over last two years, “alongside an extension of M&S’s industry-leading financial and wellbeing benefits”.
M&S added: “Today’s announcement follows a substantive £46.5 million investment in store colleague pay during the 22/23 financial year across two separate pay rises, including Marks & Spencer’s first Autumn pay review.
“As a result, a full-time M&S customer assistant will earn nearly £150 a month more versus the same time last year.”
CEO Stuart Machin added: "Whether you’re running a home or a business, everyone is trying to balance the reality of rising costs. Of course, we all hope inflation subsides, and there are some positive signs that it is doing so, but we need to help colleagues in the here and now. That’s why we are investing so significantly in our hourly rates of pay and why we are supporting colleagues with a continued commitment to our wide-ranging package of industry leading benefits.”
Although costs continue to rise across the retail sector, retaining and attracting staff is a major issue for both small and major businesses so “investments” in pay and conditions are seen as a key to ensuring staff numbers remain at optimum levels.
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