Marks & Spencer (M&S) is making its largest ever investment in retail pay, committing £95m to increase hourly rates for its UK store colleagues. This marks the third consecutive year of pay increases since Stuart Machin became CEO in 2022.
Effective April 1st, approximately 50,000 Customer Assistants across the UK will see their hourly pay rise from £12 to £12.60, a 5% increase on last year. This represents a 26% increase since 2022, significantly outpacing the 13.5% inflation rate over the same period. For full-time colleagues outside London, this translates to an approximate £98 per month increase.
Customer Assistants in London will see their hourly rate increase from £13.15 to £13.85, a 5.3% rise. Team Support Managers will also receive a pay increase, with hourly rates rising from £13.05 to £13.65 (UK) and £14.20 to £14.90 (London).
This £95m investment follows last year’s £89m pay increase and £5m enhancement to maternity, paternity, and adoption policies. Since 2022, M&S has invested over £285m in its retail pay package.
With this latest increase, all UK store colleagues will continue to earn at least the Real Living Wage as their base pay. M&S’s comprehensive benefits package, including a leading 20% colleague discount, could bring total compensation to the equivalent of £15.40 per hour.
Stuart Machin, M&S Chief Executive, said: “Despite facing significant cost pressures from recent government tax and national insurance increases, we are committed to supporting our hourly paid colleagues. For the third consecutive year, we are making a record investment in our retail pay offer. This demonstrates our commitment to our colleagues, with nearly £300m invested in pay over the past three years, well above the rate of inflation. Coupled with our market-leading discount and pension offer, this ensures M&S remains a leading employer in the retail sector.”
