British retailer Marks & Spencer has announced plans to invest £57 million (€65.01 million) in raising the hourly wages of store workers, effective 1 April 2023.
The move will see 40,000 customer assistants receiving £10.90 per hour, which is above the National Living Wage and in line with, or more, than the Real Living Wage.
The hourly rate of pay for customer assistants in London will also increase to £12.05, from £11.25.
Stuart Machin, chief executive at Marks & Spencer said, "Whether you’re running a home or a business, everyone is trying to balance the reality of rising costs. Of course, we all hope inflation subsides, and there are some positive signs that it is doing so, but we need to help colleagues in the here and now.
"That’s why we are investing so significantly in our hourly rates of pay and why we are supporting colleagues with a continued commitment to our wide-ranging package of industry-leading benefits."
The latest announcement follows an investment of £46.5 million (€53 million) in-store colleague pay during the 22/23 financial year across two separate pay rises, including Marks & Spencer’s first autumn pay review.
A full-time M&S customer assistant will now earn nearly £150 a month more than the same time last year.
Since the start of 2021, the retailer's hourly rate of pay has risen by over 20%, which is ahead of the rate of inflation over this period.
Recently, Tesco announced a 7% increase in hourly pay for about 220,000 store workers, while Asda said its retail workers will receive a 10% increase in their hourly wages.
M&S is also offers a range of benefits for its employees.
Its current benefits include uncapped discounts across all M&S branded food, clothing and home products, pension contribution, and access to a 24/7 virtual GP service, among others.
Over the last year, the retailer worked closely with colleague representatives in its Business Involvement Group (BIG) to ensure its benefits package reflects the changing needs of colleagues.