British multinational retailer Marks & Spencer (M&S) is set to increase pay for its UK staff with a significant investment of £89m ($112m).
From 1 April 2024, the pay rate for 40,000 UK customer assistants will rise from £10.90 to £12.00 per hour, a 10.1% increase from 2023.
Go deeper with GlobalData
This equates to an approximate monthly pay increase of £180 for full-time employees.
In London, customer assistants will see their hourly rate rise from £12.05 to £13.15, a 9.1% increase from the previous year.
Team support managers across the UK will also benefit, with their hourly rate increasing from £12.20 to £13.05, and in London from £13.35 to £14.20.
See Also:
The latest investment ensures that all UK store colleagues will earn at least the country’s Real Living Wage, with M&S’s extensive benefits, including a 20% colleague discount, provided in addition.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataM&S is also investing £5m to enhance its maternity, paternity and adoption leave policies.
The company will introduce six weeks of paternity leave at full pay starting from 1 April 2024, a significant increase from the previous two weeks, and almost double its maternity and adoption leave to 26 weeks at full pay.
M&S chief executive Stuart Machin said: “Our vision is to be the most trusted retailer – and that starts with being the most trusted employer. That’s why today we’re making our biggest-ever investment in our retail pay offer to recognise our colleagues for the vital role they play each day.
“But creating a great place to work isn’t just about pay; it’s about the overall package and colleagues feeling valued and able to be their best. That’s why, in addition to our pay increase, I’m delighted to announce some significant improvements to our family leave policies to support colleagues through life’s big moments.”
Since 2022, M&S has invested £146m in retail pay rises.
The retailer has 65,000 colleagues.
The Which? annual supermarket satisfaction survey named the retailer the best in-store supermarket of 2024.
