M&S increases pay again in face of cost-of-living crisis
M&S has set out a £15 million package to support its front-line workers in the cost-of-living crisis. “With rising cost concerns top of colleagues' minds, M&S has introduced an additional autumn pay review for the first time, while extending its already wide-ranging wellbeing benefits for colleagues”, the UK retail giant announced.
From 1 October, over 40,000 staff will see their hourly pay increased to a minimum of £10.20, which follows an initial pay increase to £10 (from £9.50) in April this year, “remaining ahead of both the national and real living wage”, M&S noted.
Combined, the retailer said this represents an annual uplift of 7.4% and means a full-time customer assistant will earn over £100 more each month compared to October 2021. In addition, M&S said it will also provide its 4,500 salaried colleagues at pre-management levels in its stores and support centres with a one-off £250 voucher to spend at M&S.
M&S said it has used its colleague listening schemes, such as access to its CEO Stuart Machin via ‘Straight to Stuart’, and feedback from colleague representatives in its Business Involvement Group “to help shape the update to benefits to ensure it reflects the needs of colleagues in this challenging time”.
The benefits and support include: Free everyday food items and sanitary products; free financial planning; a range of free health benefits; and support from company nutritionists.
Machin said: “Whether you’re running a home or running a business, everyone across the country is feeling the pressure of rising costs. 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. Our colleagues are our biggest asset, and we want to ensure they are fully supported and rewarded for the remarkable contribution they make to M&S.”
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