Every little helps, but not for everyone; Tesco announces that Irish staff will not receive a Christmas bonus this year – TheLiberal.ie – Our News, Your Views

Every little helps, but not for everyone; Tesco announces that Irish staff will not receive a Christmas bonus this year




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‘Competitive market conditions’ have been blamed for the axing of the traditional Christmas bonus for thousands of Irish staff.

Workers have traditionally been receiving bonuses worth about €250 in and around Christmas time, but not this year. Only the longest-standing employees will receive a bonus this time around.

The announcement comes amidst criticism of the figures paid out to top executives in recent months.

A spokesperson for the company said that due to the competitive market conditions and the performance of the Irish business, Tesco Ireland will not be paying out bonuses this year.

This is in stark contrast to the monies paid out to company bosses. The company’s latest annual report showed that the incoming CEO, Dave Lewis, received £4.1 million (€5.7 million) for his first six months working at the company, most of which was in share options.

Also, the company’s former CEO, Philip Clarke, was entitled to a termination payment of £1.2 million (€1.67 million), on top of salary and benefits worth £764,000 (€1 million) for the six months he worked for Tesco. Mr. Clarke was in charge of the company at the time when Tesco’s profits were overstated by some £263 million.

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