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Marks and Spencer has announced it will dedicate over £70m to increase its retail staff’s wages by at least 6.4%, starting the first of April.
For UK customer assistants, hourly pay will climb to £13.41, equivalent to £132 more per month or £1,587 more annually.
In London, the 6.4% raise will result in a rate of £14.74 per hour.
M&S has put more than £350m towards employee wages in the last four years, representing an increase of over 34% for staff.
The retailer said workers are additionally entitled to a variety of benefits supporting them and their families, such as 20% discount across all M&S branded food, fashion and home products, its Sharesave scheme and pension contributions of up to 12%.
It added that its pay rise and benefits package hold a combined value of to £16.33 per hour.
Commenting on the investment, M&S chief executive Stuart Machin, 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.”
