John Lewis Partnership bonus payout announced today
PUBLISHED: 06:01 09 March 2017 | UPDATED: 09:36 09 March 2017
John Lewis and Waitrose staff today (Thursday) discovered the “significantly lower” annual bonus they will receive for the year.
• UPDATE: John Lewis cuts its staff bonus to 6%, compared with 10% last year.
The John Lewis Partnership, the stores’ parent company, announced its annual results this morning, with payouts set to be cut for the fourth year in a row.
The employee-owned Partnership includes the John Lewis department store in Welwyn Garden City town centre, and the nearby Waitrose supermarket in Bridge Road.
The retail group’s business model means that profits are distributed to employees, known as ‘partners’, rather than shareholders.
Every year staff across the country receive a percentage of their annual salary as a bonus.
Retail analysts speculate John Lewis workers are in line for a payout in single figures this year, possibly as low as six per cent.
This comes after a warning earlier in the year of “significantly lower” bonuses because of the challenging retail outlook.
Since then hundreds of John Lewis job losses have been announced across the country.
There are also plans to shut five Waitrose stores, with the upmarket grocer’s Bircherley Green shop in Hertford one of the branches earmarked for closure.
In 2016, John Lewis and Waitrose staff received a bonus worth 10 per cent of their annual salary.
This was down from 11 per cent the previous year.
In 2013, partners received 17 per cent of their annual salary, and in 2014 they were handed a bonus of 15 per cent.
Partners were handed a payout of 14 per cent of their salary in 2012, and in 2011 they received a massive 18 per cent payout.