Last week it emerged that M&S was planning to cut the maximum amount of compensation for its 60,000 staff from 70 weeks to 52 weeks. However, following consultation with staff, the maximum payment an employee would now receive is 62 weeks’ worth. The new terms start next Monday (September 1).
M&S said that, even at 52 weeks, its redundancy terms were among the best in retail. Staff who were upset at the severity of the proposed changes are likely to be appeased by the amended changes.
According to The Daily Telegraph, M&S's new terms follow wide-ranging consultation with its national Business Investment Group (BIG), the retailer’s equivalent of a staff council.
Last night, Malcolm Heaven, chairman of M&S’s national BIG, thanked BIG representatives for their help in gathering feedback from staff.
In an e-mail, he said: “I would like to take this opportunity to thank those of you I know have worked hard to gather feedback from colleagues and it is important you know that it was these views that have helped shape the counter-proposal and the subsequent company response.”
The member of staff understood to have leaked the proposals to the press is facing disciplinary action.
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