M&S launches £15m package to help employees in cost of living crisis

MARKS & Spencer Group will spend £15 million (S$24 million) to support employees struggling with Britain’s spiralling cost of living.

The retailer said on Wednesday (Sep 21) that it plans to boost hourly wages to at least £10.20 from £10, its second pay rise this year, while providing one-time £250 M&S vouchers to 4,500 workers. 

Other measures include free meals every shift for employees at the company’s Castle Donington distribution centre in the Midlands region. Starting in September, staff will have access to free sanitary products. M&S is also offering free financial planning workshops and online planning tools.

Rivals including J Sainsbury and John Lewis Partnership have also unveiled measures to support employees as prices continue to spike in the UK for everything from food to energy. 

A survey earlier this summer by the Chartered Institute of Personnel and Development found that 15 per cent of UK companies had paid or were planning to pay a one-time bonus to help staff cope with the cost-of-living crisis. A further 15 per cent of firms are reviewing the possibility of a one-time bonus, according to the survey. BLOOMBERG