Marks & Spencer has announced a pay bump for its employees starting in April, joining the competition among supermarkets to retain staff.
The retailer will boost the minimum hourly wage to £12 for employees outside London and £13.15 for those in the capital.
It ensures all staff earn above the voluntary Real Living Wage.
This adjustment will benefit around 40,000 workers across its food and clothing sectors.
M&S will also improve its maternity, paternity, and adoption benefits.
The current pay rates stand at £10.90 per hour outside London and £12.05 within, making the new wages substantially higher than the National Living Wage, slated to rise to £11.44 in April 2024 for workers aged 21 and above.
M&S’s move aligns with similar wage increases by Aldi, Sainsbury’s, and Lidl, with Aldi already implementing a £12 minimum hourly rate from February.
Tesco, Britain’s largest grocer, currently pays £11.02 and £11.95 per hour outside and inside London, respectively, but like others, will need to adjust its pay in accordance with the upcoming minimum wage hike.
M&S announced pay rises for its team support managers to £13.05 and £14.20 per hour outside and inside London, respectively.
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$146m invested in retail pay since 2022
This initiative is part of a more than £146 million investment in retail pay since March 2022.
Starting April 2024, M&S plans to introduce six weeks of full-pay paternity leave, becoming one of the first retailers to do so.
It will also nearly double its maternity and adoption leave to 26 weeks at full pay, representing a £5 million annual investment.
CEO Stuart Machin said the company aims to become the UK’s most trusted retailer and employer.
He said: “But creating a great place to work isn’t just about pay; it’s about the overall package and colleagues feeling valued and able to be their best.”
