MAKSY - Marks & Spencer raises employee pay amid inflationary pressures

British retail giant Marks & Spencer ( OTCQX:MAKSY ) announced that it is again hiking pay for employees to contend with increased living costs in its home market.

As of October 1, the company plans to increase wages for workers to a minimum of £10.20. Additionally, 4,500 employees will receive a £250 shopping voucher. The pay rise is the second such measure instituted by the retailer in 2022.

“Whether you’re running a home or running a business, everyone?across the country?is feeling the pressure of rising costs,” CEO Stuart Manchin said. “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.”

According to the Office of National Statistics, the UK’s unemployment rate fell to 3.6% in August, the lowest rate since mid-1974. Meanwhile, the inflation rate has jumped to 9.9%.

US-listed shares of the London-based retailer fell 1.56% on Wednesday, extending a nearly 60% year to date decline.

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