Marks & Spencer’s Record £89 million investment Retail Pay and Family Leave Policies
Marks & Spencer (M&S) has unveiled its largest-ever investment in pay and family leave policies, with a groundbreaking £89 million commitment to enhance its retail pay offer and an additional £5 million annual investment to bolster its maternity, paternity, and adoption policies.
Effective from April 1, 2024, M&S will significantly raise the hourly pay rates for its UK Customer Assistants and Team Support Managers. Customer Assistants will see their pay increase from £10.90 to £12.00 per hour, representing a substantial 10.1% rise since last year and a remarkable 26.3% increase since March 2022.
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Similarly, those working in London will enjoy an hourly rate rise from £12.05 to £13.15, reflecting a 9.1% increase from the previous year. Meanwhile, Team Support Managers’ hourly rates will also experience a notable uplift, from £12.20 to £13.05 for UK employees and from £13.35 to £14.20 for London-based colleagues.
This significant investment underscores M&S’s ongoing commitment to its workforce, with a total investment exceeding £146 million in its retail pay package since March 2022. Notably, every UK store colleague will now receive the Real Living Wage as their base pay, underscoring M&S’s dedication to fair compensation practices.
Beyond bolstering pay rates, M&S is enhancing its family leave policies, with groundbreaking initiatives set to take effect on April 1. Among these changes, M&S will become one of the first retailers to offer six weeks of paternity leave at full pay, doubling maternity and adoption leave to 26 weeks, all at full pay. This substantial investment of £5 million annually demonstrates M&S’s commitment to supporting its employees through significant life events.
Furthermore, M&S has been a pioneer in supporting colleagues through challenging circumstances, such as its introduction of a Neonatal Leave Policy last year. This policy provides up to 12 weeks of fully paid leave to any UK colleague whose baby requires specialist neonatal care, without deducting from their maternity, paternity, or adoption leave entitlements.
Stuart Machin, CEO of Marks & Spencer, emphasized the importance of these investments in creating a workplace where employees feel valued and supported. Machin stated, “Our vision is to be the most trusted retailer, and that starts with being the most trusted employer.” By prioritizing fair compensation and robust family leave policies, M&S aims to foster a positive work environment where employees can thrive personally and professionally.
Source: The Industry.fashion
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