M&S invests £70m into boosting staff pay

More than 55,000 retail staff will be awarded an above-inflation pay increase of at least 6.4%, a rise of more than double the current rate of inflation, M&S said.

The retail giant will boost the hourly pay for its UK customer assistants to £13.41, representing an increase of £132 per month and £1,587 extra annually.

London-based customer assistants will see their rates increase 6.4% to £14.74 per hour.

The news comes as M&S has invested more than £350m in colleague pay over the last four years, which it said represents an increase of over 34%.

M&S chief executive Stuart Machin 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.”