M&S increases pay for its retail staff by 6.4 percent

British retailer Marks & Spencer is making a “significant investment” in its retail staff with an inflation-beating 6.4 percent pay rise.

From April 1, M&S will invest more than 70 million pounds to increase pay for its UK retail staff by at least 6.4 percent, a rise of more than double the current rate of inflation.

M&S’s hourly pay for retail staff will increase to 13.41 pounds for customer assistants, representing around 55,000 workers, the equivalent to 132 pounds per month and 1,587 pounds across the year, compared to last year.

London-based customer assistants will also receive a pay increase of 6.4 percent to 14.74 pounds per hour.

This pay rise sits alongside the retailer’s employee benefits package, which includes a 20 percent discount across all M&S branded food and fashion, home and beauty products, as well as a Sharesave scheme and pension contributions of up to 12 percent.

The increased base pay and benefits package could be worth up to 16.33 pounds per hour, adds the retailer.

Stuart Machin, chief executive of M&S, said in a statement: "Our store colleagues are at the heart of our business, welcoming and serving our customers every day, and it is important that we invest in them and their pay. This is a good cost, and I am pleased that we have been able to make this inflation-beating pay award, alongside our leading package of benefits.

“This investment reflects the central role our people play as we reshape M&S for growth. As always, I thank our colleagues for their continued hard work and commitment."

The move by M&S follows the John Lewis Partnership announcing in February that it would be increasing the wages of its shop floor staff by 6.9 percent across its department store, John Lewis and supermarket chain, Waitrose.