Marks & Spencer workers to receive a 5% pay rise

Marks & Spencer shop workers will receive a 5% pay rise in April which is the same time the minimum wage will increase across the UK.

Around 50,000 shop workers will receive a pay rise from £12 to £12.60 per hour and M&S will spend £95 million to make the financial changes and mid-workers and managed in London will also receive a rise.

Customer assistants will be paid £13.85 from £13.15; team support managers will be paid £13.65 from £13.05 and workers in London will see an increase from £14.20 to £14.90.

M&S chief executive Stuart Machin has warned the retailer will take a substantial hit from the Chancellor’s increase in employers’ national insurance and the minimum wage rise which takes effect from 1 April.

The M&S chief said that the company will take a £120 million hit in costs amid Rachel Reeves Autumn Budget changes.

He added it is no secret the company is facing “significant cost headwinds” as April approaches.

“However, I have always believed that we should not allow these headwinds to impact our hourly paid colleagues,” he said.

“This means we have now invested almost £300 million in our pay over the past three years, well above the rate of inflation, in addition to our market leading discount and pension offer for colleagues.”