Marks & Spencer (M&S) is to increase store colleague pay by 7%, the third pay rise it has awarded in just over a year.
From 1 April, 40,000 customer assistants will see their hourly rate increase from £10.20 to £10.90, while those in London will see their pay go from £11.25 to £12.05.
Both rates are in excess of the national living wage for 2023, which will rise to £10.42 in April, and the recommended ‘real’ Living Wage, which is £10.90 across the UK and £11.95 for employees in London.
M&S awarded two pay rises during the 2022/23 financial year, including its first ever autumn pay review in light of the cost-of-living crisis. As a result, a full-time M&S customer assistant will earn nearly £150 a month more than this time last year.
Pay settlements hit 6%, highest since 1991
Tesco store pay to increase 7% to £11.02 per hour
Real pay falls by 2.5%, despite record private sector growth
Since the start of 2021, the hourly rate of pay has risen by over 20%, which is ahead of the rate of inflation over this period.
Chief executive Stuart Machin said: “Whether you’re running a home or a business, everyone is trying to balance the reality of rising costs. Of course, we all hope inflation subsides, and there are some positive signs that it is doing so, but we need to help colleagues in the here and now.
“That’s why we are investing so significantly in our hourly rates of pay and why we are supporting colleagues with a continued commitment to our wide-ranging package of industry-leading benefits.”
M&S recently rolled out flexible working and a job-share platform for retail managers.
HR roles in retail and wholesale on Personnel Today
Browse more HR roles in retail and wholesale