M&S invests 57 million pounds to increase pay for retail store staff

Marks and Spencer is investing 57 million pounds in its front-line retail staff, marking the retailer’s biggest-ever investment in its shop workers.

In a statement, M&S said that from April 1, more than 40,000 store workers will see their hourly rate increase to 10.90 pounds, up by 70 pence. Employees in London stores will see their hourly wages raised to 12.05 pounds from 11.25 pounds. This will mean that all M&S staff are paid more than the National Living Wage and in line with, or more than, the Real Living Wage.

The move follows two separate pay rises during the 2022/23 financial year and means that a full-time customer assistant will earn nearly 150 pounds more a month, compared to the same time last year, according to the retailer.

It also means that the hourly rate of pay has risen by more than 20 percent since the start of 2021, which the retailer said is “ahead of the rate of inflation over this period”.

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