John Lewis awards 11 percent bonus to its shareholders… the workers

Workers at employee-owned enterprise the John Lewis Partnership will enjoy a whopping 11 percent bonus in their pay packets next month.

The firm said that a strong performance in its John Lewis department stores had helped to offset its grocery division, Waitrose, which is operating in a challenging market.

Partnership gross sales including VAT were £10.94bn for the 53 weeks to 31 January 2015, an increase of £771.1m, but operating profit before exceptional items was £442.3m, down by £28.6m.

Sir Charlie Mayfield, chairman of John Lewis Partnership, said: “Our 93,800 partners will receive a bonus of 11 per cent, equivalent to nearly six weeks’ pay.

“And for the first time in 15 years, thanks to the new legislation that puts employee ownership on a similar footing to other forms of ownership, no partner will pay tax on their bonus up to £3,600.”

Swindon branch manager Kate Connock said: “In Swindon, we make an event of this time of year, celebrating the fact that we are a co-owned business.

“This is the moment when the team see for the first time what will be the tangible benefit of working for a business that shares its profits with its employees and a thank you for all the hard work and commitment that they show everyday.

“It is always a delight to be part of the build up and the excitement of the morning and then the overwhelming cheer of delight on the opening of the envelope.”