Marks & Spencer is introducing a new £13.41 rule across its stores from April in a major boost for its workers.
From April 1, the retailer is investing more than £70 million to increase pay for its UK staff by at least 6.4% – a rise of more than double the current rate of inflation. Retail pay is due to increase to £13.41 per hour for M&S UK customer assistants, with approximately 55,000 workers set to benefit. The pay rise represents an increase of £132 per month, or £1,587 per year for M&S staff compared to last year.
Meanwhile, pay for London-based customer assistants will also increase by 6.4% from April to £14.74 per hour.
Marks & Spencer said it has invested more than £350 million in workers’ pay in the last four years since it began “reshaping for growth”, equivalent to an increase of over 34% for its staff.
This includes an uncapped market-leading 20% discount across all M&S branded food and fashion, home and beauty products, alongside a Sharesave scheme and pension contributions of up to 12% to help workers save for the future.
Together, Marks & Spencer’s newly increased base pay and benefits package could be worth up to £16.33 per hour.
Stuart Machin, M&S Chief Executive said: « 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.”
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As part of its “reshaping for growth plans”, M&S is aiming to double the size of its food business and modernise its store estate.
This includes plans to grow its food business by expanding the size of its Food stores to stock a fuller range and attract more customers to do their weekly shop.
M&S is now searching for sites in 500 potential locations to bring Food stores to new areas and more than half of the stores across its estate, including convenience stores, are expected to be in the renewal format by April 2028.
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