Marks and Spencer has announced a bumper £15m pay package to support its 40,000 frontline staff during the cost of living crisis.
The British high-street giant is also introducing an autumn pay review for the first time, while extending its benefits scheme for workers.
More than 40,000 workers will get a boost to their hourly pay to a minimum of £10.20, up from £9.50 in April of this year.
The 7.4 per cent annual uplift in salary means a full-time customer assistant will now earn more than £100 extra cash month, compared to October last year.
This comes after the government said it would half the energy bill for companies with a discount on bills, in a bid to “stop businesses collapsing”.
The energy crisis business plan announced this morning by Kwasi Kwarteng, Jacob Rees-Mogg and Prime Minister Liz Truss was welcomed as “unprecedented” by the head of UK Hospitality.
M&S will also give 4,500 salaried staff a one-off £250 voucher to spend in store, while base pay for workers is supplemented by a 20 per cent discount.
The store also has benefits including a free meal per shift, financial planning workshops, health benefits and support from nutritionists.
“Whether you’re running a home or running a business, everyone across the country is feeling the pressure of rising costs”, said Stuart Machin, Chief Executive at Marks & Spencer.
“We want to do what we can to help ease some of that strain”, adding that “our colleagues are our biggest asset, and we want to ensure they are fully supported and rewarded for the remarkable contribution they make.”
Chair of the National Business Involvement Group, Graham Bennett, said the it“very much welcomes the package of support” and it is “pleased our leadership team has listened to colleagues and responded”.