Marks & Spencer announces £15 million plan to support workforce with cost of living

Retailer Marks & Spencer has become the latest large employer to announce plans to support its workforce with the rising cost of living.

The high-street brand has announced plans to invest £15 million in supporting its front-line colleagues, including a 20p pay uplift for its lowest paid staff in addition to a previous increase in April. Salaried colleagues at pre-management level will also receive a one off £250 voucher to spend in stores, on top of an existing 20% staff discount.

On top of direct financial support, the retailer has also followed the lead of the John Lewis Partnership to offer a free meal each shift to colleagues at its distribution centre in the Midlands, and will also free sanitary products across all stores and sites. Colleagues will also gain access to free financial planning workshops, health benefits and access affordable meal planning advice from its in-house nutritionists.

Stuart Machin, Chief Executive at Marks & Spencer explained:

“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 we 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.” 

The move by Marks & Spencer marks a growing trend by businesses to provide additional support for employees amid rising inflation. Popular support has included more frequent pay reviews and ‘cost of living’ payments on top of regular salaries, with the likes of British Airways, HSBC, Taylor Wimpey, Rolls Royce and Stockport-based wholesaler Parfetts all topping up employee incomes with one-off payments.