Marks and Spencer ‘to cut around 500 jobs’ next week just hours after revealing 14 per cent pay rises
Reports that the high street retailer is looking to axe staff as new boss battles to improve sales
MARKS & Spencer is feared to be considering axing around 500 jobs just hours after it revealed pay rises.
The store chain is expected to cut staff at its London HQ next week.
It follows the announcement on Friday of a 14.7 per cent pay rise for staff and comes less than two months after the firm’s boss slammed the “unacceptable” performance of its clothing and home arm after sales plummeted 8.9 per cent.
Chief executive Steve Rowe said he would be changing the pay and pension scheme, cutting premium pay for Sundays.
related stories
The suggested move sparked outrage with 70,000 people signing a petition calling on M&S to scrap proposed pay cuts to offset the cost of the National Living Wage.
The firm’s improved pay offer followed the protests and from next April customer assistants will get £8.50 an hour, £9.65 in London.
That is above the National Living Wage of £7.20 and the voluntary rate of £8.25 or £9.40 in the capital.
But premium payments for Sunday working will stop and there will be one standard payment for bank holidays.
M&S refused to confirm the HQ job losses. A spokeswoman said: “We’d never comment on rumour and speculation.”
But she said: “We did say at our preliminary results in May that organisation was an area of the business that needed further consideration and that we would be updating on this in the autumn.”
We pay for your stories! Do you have a story for The Sun Online news team? Email us at [email protected] or call 0207 782 4368