John Lewis and Waitrose workers are to get a 5 per cent bonus, down from 6 per cent last year
BONUSES for 84,000 John Lewis and Waitrose staff have been cut for the fifth year in a row.
Employees are to share a pot of £74million, down from £89.4million the precious year.
Notably, the payouts still seem generous compared to other firms as the John Lewis group sees its staff as partners, rather than workers.
As a policy, every member gets the same percentage, from shelf fillers to executives.
Bonuses in the 1970s and 1980s were as high as 24 per cent. Even as recently as 2013 it was 17 per cent.
This comes as the retailer posted a 77 per cent plunge in pre-tax profits to £103.9 million for the year to January 27.
Company chairman Sir Charlie Mayfield stated that it had been a "challenging year."
Notably, the payouts still seem generous compared to other firms as the John Lewis group sees its staff as partners, rather than workers.
As a policy, every member gets the same percentage, from shelf fillers to executives.
Bonuses in the 1970s and 1980s were as high as 24 per cent. Even as recently as 2013 it was 17 per cent.
This comes as the retailer posted a 77 per cent plunge in pre-tax profits to £103.9 million for the year to January 27.
Company chairman Sir Charlie Mayfield stated that it had been a "challenging year."
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