Here’s what wrong with John Lewis
The John Lewis Partnership is set to cut the annual bonus it pays its staff due the pressure on retailers.
The annual bonus, which will now stand at the lowest level since 1950s, will be between six per cent and seven per cent of workers’ annual salary.
Last year employees got a 10 per cent bonus with average payout amounting to £1,585 for its 91,500 staff.
Nick Bubb, an independent retail analyst, said: “The John Lewis board is likely to be mindful of the fact that underlying profits look to have fallen by over 10% last year, despite a decent Christmas, and with trading in the new year off to a sluggish start, it will have to allow for the fact that profits will probably fall again this year as well – hence the significant pressure on the bonus that it flagged on 12 January.”