M&S to increase pay: Marks & Spencer (M&S) announced on Tuesday that it would raise the pay of approximately 40,000 store workers by 10.1 per cent starting April 1, in line with the increase in the government-mandated minimum wage.

Customer assistants will see their hourly pay rise from 10.90 euros to 12 euros, surpassing the government's national living wage, which will rise by 9.8 per cent to 11.44 euros per hour, also effective in April.

The pay increase will be closely monitored by the Bank of England, which is concerned about rapid wage growth contributing to inflationary pressures.

In Britain, worker wages have only recently begun to outpace inflation, which remained at 4 per cent in January, double the central bank's target of 2 per cent.

Customer assistants in London will see their hourly pay rise from 12.05 euros to 13.15 euros.

Team support managers' hourly rates will increase from 12.20 euros to 13.05 euros, or from 13.35 euros to 14.20 euros in London.

The pay raise for store workers is part of M&S's efforts to invest in its workforce. The company stated that the pay increase would cost it 89 million euros, with an additional 5 million euros invested in improved maternity, paternity, and adoption policies.

Other retailers, including Sainsbury's, Amazon, Aldi, Lidl, and Costa Coffee, have also announced pay raises for their employees in 2024.

(with Reuters inputs)