M&S has unveiled a 6.4 per cent pay increase for its employees effective on 1 April, which is part of a £70m investment in UK retail wages.

Hourly retail pay will go up £13.41 for UK customer assistants and rise to £14.74 per hour for staff based in the M25.

This move builds on the high-street retailer’s £350m investment in colleague pay over the past four years, which amounts to an increase of over 34 per cent for staff members according to the business.

Stuart Machin, M&S CEO, said: “Our store colleagues are at the heart of our business, welcoming and serving our customers every day, and it is important that we invest in them and their pay.

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“This is a good cost, and I am pleased that we have been able to make this inflation-beating pay award alongside our leading package of benefits. This investment reflects the central role our people play as we reshape M&S for growth.”

This pay rise will represent an increase of around £132 per month or £1,587 a year more for the supermarket retailer’s colleagues compared to the year prior.

The supermarket highlighted the other benefits it offers its staff members, including an uncapped 20 per cent M&S discount, a Sharesave scheme and pension contributions.

The new change is set to affect 55,000 store colleagues across the UK and comes as supermarket retailers have been announcing pay rises.

Waitrose recently announced an increase for its shop-floor colleagues, while discounter Aldi also unveiled a pay boost last week.