M&S increases staff pay for second time this year amid cost-of-living concerns
21.09.2022 - 17:41
/ manchestereveningnews.co.uk
Marks & Spencer (M&S) has announced a pay rise for more than 40,000 of its staff, marking the second salary increase this year as the retailer responds to cost-of-living concerns.
The firm's minimum hourly wage currently stands at £10 after a bump up from £9.50 back in April, and will increase again to £10.50 from October 1. These changes bring them well above the national minimum wage, and cost the business around £15 million.
The retail giant will also hand a £250 M&S voucher to 4,500 employees at pre-management levels in its stores and support centres. Staff at M&S are entitled to a number of benefits, including free everyday food items and sanitary products all-year round, the firm said.
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This announcement comes as the UK’s second largest supermarket chain Sainsbury’s unveiled a £25 million package last week, raising its minimum wage and offering free food during shifts. Hourly pay will be lifted from £10 to £10.25 an hour for around 127,000 employees from October, taking it just above M&S’s newly-announced base wage.
Stuart Machin, chief executive at Marks & Spencer, said: “Whether you’re running a home or running a business, everyone across the country is feeling the pressure of rising costs. We want to do what we can to help ease some of that strain; that is why we have invested in price to deliver better value for our customers, and why we are investing in our colleague base pay for the second time this year.
“Our colleagues are our biggest asset, and we want to ensure they are fully supported and rewarded for the remarkable contribution they make to M&S.”
Graham Bennett, chair of M&S’s National Business Involvement Group,