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Marks & Spencer announced this week that it is investing almost £60 million to increase the pay of its workers in stores. The company said the pay hike is set to be implemented for 40,000 staff.
Marks & Spencer said this is the company’s biggest investment so far for its frontline staff. It added that the new salary rates for them are set to take effect starting in April. The increase will be seven percent and this is the third one in just two years.
According to Reuters, the British retailer said on Tuesday, Feb. 28, that its customer assistants will get £10.90 or about $13.19 per hour. Currently, the hourly rate starts at £10.20. The Bank of England is keeping an eye on the pay settlements because it is considering raising interest rates because it is worried about inflationary pressure in the economy.
It was also noted that BoE’s Governor Andrew Bailey already expressed concerns about wage setting earlier this month. This is due to the surging inflation that hit 11.1% in October but dropped to 10.1% in January this year.
At any rate, Marks & Spencer’s decision to provide new investment follows two separate pay hikes in the past year. This means that a full-time customer assistant in its stores will have the opportunity to earn almost £150 more per month. This also means that the hourly rate has increased by more than 20% in just a short time.
Commenting on the pay increase, the Independent quoted M&S chief executive officer, Stuart Machin, as saying, “Whether you are 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.”
He added, “That is 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.”
