M&S makes ‘significant investment’ to improve retail pay for store colleagues
Marks & Spencer has announced its biggest investment in pay and family leave policies, with an £89 million investment in its retail pay offer.
From 1st April, the rate of pay for UK Customer Assistants – approximately 40,000 colleagues, will increase from £10.90 to £12 per hour, marking a 10.1% increase on last year.
For UK Team Support Managers, the hourly rate will increase from £12.20 to £13.05.
This investment means that from March 2022, M&S has invested more than £146 million in its overall retail pay package, and means that every UK store colleague will be paid the Real Living Wage as their base pay.
Additionally, the retailer’s benefits package includes an uncapped 20% colleague discount across all M&S branded food, clothing and home products, and from 25th March, this will be extended to all branded products.
‘A TRUSTED RETAILER’
Further benefits include pension contribution of up to 12%, access to a 24/7 virtual GP service and access to six free physiotherapy sessions.
As well as investing in pay for store colleagues, M&S is making substantial improvements to its maternity, paternity and adoption policies. From 1st April, M&S will be one of the first retailers to introduce six weeks paternity leave at full pay (previously two weeks), while also almost doubling its maternity and adoption leave to 26 weeks, also at full pay, signalling a £5 million investment.
Stuart Machin, Chief Executive said that in their vision to be the most trusted retailer, they must also be the most trusted employer too.
“That’s why we’re making our biggest ever investment in our retail pay offer and increased our standard hourly rate by more than 26%,” said Stuart Machin.
“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.”
