John Lewis Partnership will reportedly cut its annual bonus pay-out by as much as a third this week, as the supermarket price war takes a toll on Waitrose’s profits.
The business, which announces its annual results on Thursday March 12, is expected to announce a cut to the bonus scheme for the second year in a row.
Last year employees were given 15% of their annual salary as a bonus, an average of £2,225, down from 17% in 2013. This year they are expected to get between 10% and 14%, according to the Daily Mail’s financial site This is Money.
Pre-tax profits for the whole group are forecast to have fallen from £376m in 2013 to between £345m and £350m.