National retailer Marks & Spencer has announced a £95m investment in its retail pay offer – the biggest investment M&S has made in its retail pay offer and third consecutive increase since Stuart Machin became CEO in 2022.
From 1 April, the rate of pay for UK Customer Assistants (approximately 50,000 colleagues) will increase from £12 to £12.60 per hour, representing a 5% increase on last year and a 26% increase since 2022, which is double the rate of inflation over the same period (13.5%). For a full-time colleague outside of London, that’s an increase of around £98 per month compared to today’s current rate.
For Customer Assistants working in London, the hourly rate will increase from £13.15 to £13.85, representing a 5.3% increase on last year. For UK Team Support Managers, the hourly rate will increase from £13.05 to £13.65, while for those in London, it will increase from £14.20 to £14.90.
Last year, M&S invested £89m in its UK retail pay and a further £5m annual investment to enhance its maternity, paternity, and adoption policies. The 2025 investment means that since 2022, M&S has invested more than £285 million in its retail pay package.
It also means that every UK store colleague will continue to be paid the Real Living Wage as their base pay, with M&S’s wide range of benefits – such as its industry leading 20% colleague discount, which when combined could be worth up to £15.40 per hour.
Stuart Machin, M&S Chief Executive said: “Following the Government’s recent increases in tax and national insurance contributions, it’s no secret that M&S and indeed the entire retail sector has some significant cost headwinds to face into in the new financial year.
“However, I have always believed that we should not allow these headwinds to impact our hourly paid colleagues, which is why today, for the third year in a row, we are making a record investment in our retail pay offer. This means we have now invested almost £300m 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.”
