NEWS

John Lewis and Waitrose owner set to reduce staff bonus

Published on: 8th March 2017

John-Lewis-480The annual bonus will be at its lowest level since the 1950s. 

The John Lewis Partnership, which is owned by its staff, is expected to announce a bonus of between 6% and 7% of workers’ annual salary. This would be a cut from a 10% bonus last year, when the average pay-out was £1,585 for its 91,500 staff.

The cut in the bonus reflects the tough retail environment. The business is expected to report a 10% fall in underlying annual profits for last year. Like other high street retailers, John Lewis stores have been affected by the growing popularity of online shopping.

Waitrose is also struggling against fierce competition from other grocers and recently unveiled plans for job cuts and six store closures. The new managing director of the John Lewis department stores, Paul Nickolds, last month announced plans to cut as many as 800 jobs in its customer restaurants and store administration, its biggest ever round of redundancies.

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