UK retailer Marks and Spencer has entered into a consultation process with an eye to reduce its redundancy payouts.
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“We are in consultations on a proposal that is looking at changing redundancy terms,” a spokesperson for the group told just-food.
The retailer is consulting with staff representatives over the move, which would limit maximum payouts from 70 weeks to one year, depending on length of service.
However, the UK retailer denied reports that the move is linked to job cuts that may be in the pipeline.
“It is something we need to do from time to time as a responsible business to make sure we are up-to-date and inline with the market,” the spokesperson said. “We will still offer redundancy terms more generous than our competitors and well above our statuatory requirements.”
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By GlobalDataM&S said that depending on the progress of the consultation process it hopes to have the measures in place by 1 September.
