Marks & Spencer is raising staff pay to at least £10 an hour as part of a “broader reward package”.
The retailer said that, from beginning of April, more than 40,000 store colleagues across the UK would see their base pay rate increase by 50p an hour to £10. London hourly rates will rise from £10.75 to £11.25.
Additionally, M&S upgraded its overall benefits package to better support staff wellbeing, including accessing to virtual GP services, health check screenings and financial management advice.
The retailer also offers colleagues 20% discount across products from its food and clothing & home ranges.
“M&S is always at its best when we’ve put our people at the heart of it,” said CEO Steve Rowe.
“The contribution our teams have made to support our customers and each other every day through some really challenging times has been remarkable.
“By once again increasing our investment into one of the best all-round reward offers for store colleagues across retail, we’re making sure that every colleague, whatever they do and wherever they work, is properly rewarded and supported at M&S.”
M&S said the increase ensured its base rate of pay was ahead of both the national living wage and the real living wage.
Earlier this year, Rowe hinted at a potential pay rise when he said during a media call that the company “always paid in the upper decile in the sector” and that it intended “to make sure that our colleagues don’t lose out in the standard of living” when the April review came.
The announcement follows similar moves by other retailers, such as Sainsbury’s, Lidl and Aldi, who have been bumping base rate pays for workers in the face of increased costs of living.
Today, the Office for National Statistics said inflation rose to a 30-year high in January, hitting 5.5%.
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