A major UK retailer has confirmed a £95m investment in its retail pay offer, marking its largest increase to date and the third consecutive rise since 2022. The pay increase, effective from 1 April, will benefit around 50,000 Customer Assistants across the UK.
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Marks & Spencer will raise hourly wages for Customer Assistants from £12 to £12.60, a 5% increase on last year and a 26% rise since 2022, double the 13.5% inflation rate over the same period. Full-time employees outside London will receive an additional £98 per month.
London-based Customer Assistants will see their hourly pay increase from £13.15 to £13.85, while UK Team Support Managers will receive a rise from £13.05 to £13.65, with London-based managers earning £14.90 per hour, up from £14.20.
This follows M&S's £89m retail pay investment last year and an additional £5m in enhanced maternity, paternity, and adoption benefits. The latest increase brings the company's total retail pay investment since 2022 to over £285m.
All UK store employees will continue to earn at least the Real Living Wage, with additional benefits, including a 20% staff discount, potentially increasing total earnings to £15.40 per hour.
CEO Stuart Machin stated that despite financial pressures from tax and national insurance increases, M&S remains committed to supporting its staff. He emphasised that the company has now invested almost £300m in pay over three years, 'well above the rate of inflation,' alongside its staff discount and pension offerings.
Source: www.bigfurnituregroup.com