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M&S has announced it has increased its hourly pay to £10 for all store colleagues across the UK as part of a broader reward package.
Set to take place from the beginning of April, over 40,000 colleagues will see their base rate of pay increase by 50p an hour from £9.50, along with rates in London rising to £11.25, up from £10.75.
M&S said its reward offer has been developed to reflect what matters most to its colleagues, with teams reportedly naming base pay and health and wellbeing benefits as their priorities.
The retailer’s investment means its base rate of pay is ahead of both the national living wage and the real living wage across the UK and in London.
In addition to its pay investment, M&S has enhanced its overall benefits package to support colleague wellbeing, including access to a Virtual GP service, health check screening and advice on financial management.
These newly expanded health and wellbeing benefits, combined with M&S’ 20% staff discount and pension, means the retailer has “one of the strongest all-round reward offers in retail”.
Steve Rowe, CEO, said: “M&S is always at its best when we’ve put our people at the heart of it. The contribution our teams have made to support our customers and each other every day through some really challenging times has been remarkable.
“By once again increasing our investment into one of the best all round reward offers for store colleagues across retail, we’re making sure that every colleague, whatever they do and wherever they work, is properly rewarded and supported at M&S.”
