M&S invests record £89m in boosting staff pay

M&S has today (27 February) announced a record £89m investment in its retail pay offer, and a further £5m annual investment to enhance its maternity, paternity, and adoption policies.

From 1 April, the rate of pay for UK customer assistants will increase from £10.90 to £12 per hour, representing a 10.1% increase on last year and a 26.3% increase since March 2022. 

Meanwhile, for customer assistants working in London, the hourly rate will increase from £12.05 to £13.15, representing a 9.1% increase on last year.

For UK team support managers, the hourly rate will increase from £12.20 to £13.05, while for those in London, it will increase from £13.35 to £14.20.

This investment means that since March 2022, M&S has invested more than £146m in its overall retail pay package. It also means that every UK store colleague will be paid the Real Living Wage as their base pay, with M&S’s wide range of benefits on top of that.

Stuart Machin, CEO of M&S, 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. 

“I’m delighted to announce some significant improvements to our family leave policies to support colleagues through life’s big moments. A huge thank you to our 65,000 colleagues for their continued hard work.”

Last year, M&S was also one of the first retailers to introduce a Neonatal Leave Policy that provides up to 12 weeks’ fully paid leave to any UK colleague whose baby requires specialist neonatal care, without having to use up maternity, paternity, or adoption leave.