John Lewis and Waitrose bonuses cut for third year running to 10%

Hazel Sheffield
Thursday 10 March 2016 15:25
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Karen Lord, Head of Branch at John Lewis Oxford Street, reveals that Partners in the shop will be receiving a 10% annual bonus the equivalent to 5 weeks pay.
Karen Lord, Head of Branch at John Lewis Oxford Street, reveals that Partners in the shop will be receiving a 10% annual bonus the equivalent to 5 weeks pay.

More than 90,000 John Lewis and Waitrose staff have seen their bonuses cut for the third year running to 10 per cent of their annual salary.

The staff bonus fell to 11 per cent in 2015 from 15 per cent in 2014 and 17 per cent in 2013.

The partnership said annual profits before tax were up 24 per cent to £435 million.

Higher pension charges and lower property profits means that pre-tax profits before exceptional items fell to £305.5 million, from £343 million last year.

Waitrose, which is owned by the same partnership, said that operating profit for 2015 was £232.6 million, down 2 per cent on last year.

Staff celebrated the news of their bonus despite it coming in smaller than in previous years.

That's because at 10 per cent, John Lewis still offers one of the most generous bonuses among employers, shy of the amount paid to bankers, much much higher than the average 6 per cent bonus that UK workers get on average.

That adds up to something to celebrate, despite the pay cut.

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