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.”
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