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M&S looks to slash pay-offs
19.08.08
Staff at Marks & Spencer were fearing for their jobs today after it emerged the High Street giant plans to slash redundancy benefits by up to a quarter.
An internal memo showed the retailer is looking to reduce the maximum payout employees can get for their length of service from 70 weeks to 52 weeks.
Employee groups have warned the M&S board that the proposed changes had caused “an unprecedented level of feedback, concern and anger”.
M&S said the new proposals put the group in line with other retailers such as John Lewis. The GMB trade union said it signalled a cull of middle management with M&S “desperate to save money”.
