Marks & Spencer is set to make a significant investment in store colleagues for the year ahead.
From 1st April, the retailer is investing over £70m to increase pay for UK retail colleagues by at least 6.4%, a rise of more than double the current rate of inflation* and one of the leading pay increases in the sector this year.
Retail pay at M&S will increase to £13.41 per hour for UK customer assistants (approximately 55,000 colleagues). This represents an increase of £132 per month or £1,587 a year more for M&S colleagues compared to last year.
Pay for London-based customer assistants will also increase by 6.4% to £14.74 per hour.
M&S has invested more than £350m in colleague pay in the last four years since M&S began reshaping for growth, equivalent to an increase of over 34% for colleagues.
In addition to a leading hourly rate of pay, M&S also offers colleagues a significant number of benefits designed to support colleagues and their families.
This includes an uncapped market-leading 20% discount across all M&S branded food and fashion, home and beauty products, alongside sector-leading Sharesave scheme and pension contributions of up to 12% to help colleagues save for the future.
Together M&S’ newly increased base pay and market leading benefits package could be worth up to £16.33 per hour.
Stuart Machin, M&S chief executive, said: “Our store colleagues 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&S for growth. As always I thank our colleagues for their continued hard work and commitment.”
