Mar 8, 2018

John Lewis staff bonus cut again as profits fall

Bonuses for 84,000 staff at John Lewis and Waitrose have been cut for the fifth year in a row. Employees will get a 5% bonus, down from 6% last year and the lowest since 1954, when it was 4%. Profit, before the partnership bonus, tax and exceptional items, fell 21.9% to £289.2m. Company chairman Sir Charlie Mayfield said 2017 had been a "Challenging year", as expected, with "Subdued" consumer demand. "This was why we chose to reduce the proportion of profits paid as partnership bonus last year so as to absorb these impacts while continuing to invest in the future and in strengthening our balance sheet," Sir Charlie said. He said the firm remain committed to increasing pay rates for non-management staff, and that the average hourly rate of pay for a non-management workers was £8.91. John Lewis has been a partnership since it started 150 years ago.

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