- Retailer sets out its biggest ever investment in front line-colleague pay
- New commitment means 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 has today announced its commitment to invest almost £60m in store colleague pay – its biggest ever investment in front-line colleague 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 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. M&S’s continued investment in colleague 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 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”.
At the same time as investing in a competitive hourly pay, M&S is protecting frontline roles and has retained its wide-ranging package of exclusive colleague benefits. Over the last year, the retailer has worked closely with colleague representatives in its Business Involvement Group (BIG) to ensure its benefits package accurately reflects the changing needs of colleagues. Current benefits include:
- A sector leading uncapped discount across all M&S branded food, clothing and home products,
- A generous pension contribution,
- The opportunity to participate in colleague share schemes,
- Access to a 24/7 virtual GP service and employee assistance programme for colleagues and their wider family.
- Free eye tests at M&S Opticians
- Further benefits to support health and wellbeing, including free Check4Cancer support & risk assessments for the top 5 most common cancers in the UK - with free screenings for colleagues at higher risk.