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John Lewis staff get another bonus cut

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Why has there been a cut to the staff bonus?

Staff members working in John Lewis and Waitrose are having bonuses cut for a fourth year in a row.

Employees will obtain a bonus of six per cent, this is more than three weeks wages but this is down 10 per cent from last year.

The partnership made the decision to hold back more of its annual profit, this was so it could strengthen its balance sheet.

John Lewis said: “This allows us to maintain our level of investment in the face of what we expect to be an increasingly uncertain market this year,”

This year the company is expecting inflationary measures and costs to intensify on the market as a whole.

The statement said: “In the year ahead, trading pressures will continue as a result of the wider changes taking place in retail,”

“The two major influences are pricing, where the rate of change in selling prices is likely to be significantly slower than the rate of change in input costs as a result of weakness in the sterling exchange rate, and the continued shift from shops to online.”

The partnership also announced an increase in sales and profits.




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