Marks and Spencer has launched a new plan to help staff members with the ongoing cost of living crisis.
The high street retailer has set out a £15m package to support its staff as the rising cost of living continues to be a major concern for many. For the first time ever, M&S has introduced an additional autumn pay review, as well as extending its already wide-ranging wellbeing benefits.
From October 1, M&S is increasing hourly pay for more than 40,000 workers to a minimum of £10.20. This comes after an initial pay increase to £10.00 - from £9.50 - in April this year.
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The retailer will also provide its 4,500 salaried workers at pre-management levels in its stores and support centres with a one-off £250 voucher to spend at M&S. Base pay for colleagues is supplemented by a 20% M&S discount, its pension commitment and colleague share save scheme.
Marks and Spencer has also updated its benefits to “reflect the needs of colleagues in this challenging time”. Among the updated benefits are free every-day food items and sanitary products, free financial planning workshops, free health benefits including a virtual GP service and free eye tests, as well as support from an M&S company nutritionist.
Stuart Machin, chief executive at Marks & Spencer, said: “Whether you’re running a home or running a business, everyone across the country is feeling the pressure of rising costs. We want to do what can to help ease some of that strain; that's why we have invested in price to deliver better value for our customers and, why we are investing in our colleague base pay for the second time this year.
“Our colleagues are our biggest asset, and we want to ensure they are fully supported and rewarded for the remarkable contribution they make to M&S.”
Graham Bennett, chair National Business Involvement Group, added: “Cost of living is the most talked about issue amongst our colleagues and we very much welcome the package of support from M&S. We are pleased our leadership team has listened to colleagues and responded, and we will continue to work closely with them as we head into what is the busiest time of year for retail.”
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