Marks & Spencer (M&S) will raise the pay for approximately 50,000 shop workers by 5% starting in April, aligning with the UK's minimum wage increase. Employee hourly rates will rise, with customer assistants seeing an increase to £13.85 and team support managers to £13.65. M&S plans to allocate £95 million for these adjustments but will incur a £120 million loss due to rising national insurance and wage costs. CEO Stuart Machin emphasizes a commitment to employee financial support, having invested nearly £300 million in pay enhancements over the past three years.
Marks & Spencer will implement a 5% pay rise for about 50,000 shop workers in April, coinciding with the UK's minimum wage increase.
Despite financial concerns, M&S aims to support hourly paid workers by investing significantly in pay over recent years, exceeding inflation rates.
CEO Stuart Machin acknowledges substantial upcoming costs due to increased national insurance and minimum wage but emphasizes commitment to employee wages.
M&S has invested nearly £300 million in employee pay over the last three years to mitigate impacts of rising operational costs.
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