Marks & Spencer has on Wednesday announced a second pay rise for its staff in response to the cost-of-living crisis.
The retailer has set out a £15m package to support its front-line staff. In addition to the additional Autumn pay review, M&S has also extended its staff benefits.
From 1 October, over 40,000 colleagues will see their hourly pay increased to a minimum of £10.20 which follows an initial pay increase to £10.00 (from £9.50) in April this year.
Combined, this represents an annual uplift of 7.4 per cent and means a full-time customer assistant will earn over £100 more each month compared to October 2021, according to the company.
In addition, the retailer will also provide its 4500 salaried colleagues at pre-management levels in its stores and support centres with a one-off £250 voucher to spend at M&S. Base pay for colleagues is supplemented by a 20 per cent M&S discount, its generous pension commitment and colleague share save scheme.
“Whether you’re running a home or running a business, everyone across the country is feeling the pressure of rising costs,” Stuart Machin, chief executive, said.
“We want to do what we can to help ease some of that strain; that’s why we have invested in price to deliver better value for our customers and, why we are investing in our colleague base pay for the second time this year.”
As part of the updates to the benefits and support it provides to the staff, M&S will launch a free meal per shift for staff at its distribution centre in Castle Donington. The retailer already provides all-year round free everyday food items and refreshments to store staff. This month, it has also introduced free sanitary products to staff across all stores and sites.