16 July 2024, 07:25
By Furniture News Feb 28, 2023

M&S invests £57m in store staff pay

M&S has announced a commitment to invest almost £60m in store staff pay – its biggest ever investment in front-line staff reward.

From 1st 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. The rate of pay for customer assistants in London will also increase to £12.05, up from £11.25.

Today’s announcement follows a substantive £46.5m investment in store staff pay during the 2022/23 financial year across two separate payrises, 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. M&S’ continued investment in staff pay means, that in just over two years, since the start of 2021, the hourly rate of pay has risen by over +20%, which is ahead of the rate of inflation over this period.

Stuart Machin, chief executive at Marks & Spencer, says: “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.”

M&S is also protecting frontline roles by retaining its wide-ranging package of exclusive colleague benefits such as product discounts, pension contributions and free medical check-ups.

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