M&S staff bonus at risk
Sunday 19 May 2013
Marks & Spencer's store staff could see their meagre £100 bonus trimmed or ditched after the retail bellwether posts a further fall in annual profits this week.
M&S, which launched a make-or-break new fashion range last week, is also set to slash bonuses for board members, head office staff and store managers. The much smaller payout to sales assistants is entirely discretionary and could be at risk, following a sharp drop from an estimated figure of £350 to just £100 last year.
M&S, which has more than 700 UK stores and shops in 44 countries overseas, is forecast to post a 6 per cent fall in profits to £665m over the year to March. This will be its second consecutive year of shrinking profits, and it has suffered seven consecutive quarters of falling homewares and clothing sales.
The chief executive, Marc Bolland, who earned total pay of £1.7m last year, is likely to see his bonus cut again, as 60 per cent of it is based on targets related to profits.
- 1 Heavy metal producer's corpse to be mutilated by models as per his dying wish
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 3 Nineteen-year-old student left gifts for parents before taking her own life
- 4 Deliberately urinating before sex can increase risk of urinary tract infections
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
'Je suis Muslim': Hundreds rally in Australia over portrayal of Islam and Prophet Mohamed
AirAsia QZ8501: Black box reveals warning alarms 'screamed' before crash, as more bodies recovered from near fuselage of jet
Nineteen-year-old student left gifts for parents before taking her own life
Isis Japanese hostages: Video purports to show Haruna Yukawa executed and second hostage Kenji Goto with new terms for release
British Muslim leaders outraged after Eric Pickles says followers of Islam should 'prove their identity'
UK terror fears: My jihadist son returned from Syria mentally scarred – now he is being ignored
Nigel Farage: NHS might have to be replaced by private health insurance
Billy Crystal: 'Stop shoving gay sex scenes in my face'
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
David Cameron says anyone criticising Eric Pickles' letter to Muslims 'really has a problem'
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...