John Lewis restores staff bonus as losses narrow
The John Lewis Partnership has restored its staff bonus after narrowing losses to £26m last year.
The department store group, which is staff-owned and also operates Waitrose supermarkets, said it would pay a 3% bonus to workers, equivalent to 1.5 weeks pay.
A year ago it said it would not be paying a bonus to staff, known as partners as they jointly own the company via a trust, for the first time in 67 years and was unlikely to pay a bonus this year after slumping to a £517m loss for 2020.
JLP also said it would pay all partners at least the independently verified living wage of £9.90 across the UK, a 2% pay rise.
Sharon White, the chairman, said on Thursday: “With our partners, like the whole country, facing a cost-of-living squeeze, we believe that this is the right time to pay the voluntary real living wage, nationwide.”
The company said it was investing £54m in additional pay excluding bonus.
The improved deal for workers came after John Lewis said sales rose 1% to £12.5bn in 2021. The John Lewis department stores increased sales to £4.9bn, its highest level.
Sales at established Waitrose stores rose 1%, helping lift the total to £7.5bn for the grocery chain.
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