Marks & Spencer has launched a £15m support package for employees to help them through the cost-of-living crunch.
The scheme includes an autumn pay review for the first time, raising hourly rates to at least £10.20 for 40,000 staff, alongside enhanced wellbeing benefits such as free food and sanitary products.
The pay rise is the second by M&S this year – the retailer said it is ahead of the national and real living wage – and brings the increase this year to 7.4%.
A full-time customer assistant will now earn over £100 more each month compared to October 2021. M&S will also provide 4,500 salaried colleagues at pre-management levels at its stores and support centres with a one-off £250 voucher to spend at the business.
There will be a free meal per shift for colleagues at M&S’ Castle Donington distribution centre – the retailer already provides year-round “free everyday food items and refreshments to store colleagues”. Other benefits include free financial planning workshops and affordable meal planning advice.
The changes follow feedback through the Straight to Stuart channel to chief executive Stuart Machin.
Machin said: “Everyone across the country is feeling the pressure of rising costs. We want to do what can to help ease some of that strain; that’s 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.”
Last week, John Lewis Partnership revealed a similar employee support programme including a one-off £500 payment to staff and free food. Other retailers are also taking action – initiatives are detailed in Retail Week’s cost-of-living tracker.
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