Sainsbury’s employees are to enjoy a £60 million bonus pot this year, bringing the total bonuses given to staff at the company to over £300 million in the last five years.
Underlying profit before tax at Sainsbury’s was up 7.1% to £712 million this year, and underlying earnings per share were up six per cent to 28.1 pence, according to the firm's latest annual report.
Despite these figures, Chief Executive Justin King saw his total pay fall nine per cent last year after the supermarket missed its internal sales targets.
King still picked up a total pay package of more than £3m. He pocketed a salary of £920,000, a bonus of £514,000, and £735,000 under his long-term share incentive plan, although half of the latter is deferred for a further year. In addition, King received £897,000 in long-term deferred shares.
The supermarket chain also reported an increase in staff engagement scores, with a four per cent year-on-year increase. There was also a three per cent increase in employees who say they would recommend Sainsbury’s as a great place to work.
Sainsbury’s also celebrated that the company has over 13,000 employees with 20 years or more employment; with 94 having reached 40 years or more.
David Tyler, Sainsbury’s Chairman, says: “I would like to thank all of our colleagues for their efforts in providing excellent service to our customers.
“Our people are, of course, the face of Sainsbury’s, and are central to our ongoing success. We continue to invest in their training and development, and in ensuring Sainsbury’s is a great place to work. I am delighted that they share in a bonus of over £60 million this year.”