M&S to invest £70 million in colleague pay
M&S is to invest £70 million in colleague pay in the year ahead.
From 1 April, pay for UK retail staff will increase by 6.4%, more than double the current rate of inflation.
Subscribe to TRBAround 55,000 UK customer assistants will see their hourly rate rise to at least £13.41, equivalent to £132 more per month or £1,587 more per year. London based customer assistants will see their pay rise to £14.74 per hour.
M&S has invested more than £350 million in colleague pay in the last four years.
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.”
