Marks and Spencer staff to share £80mn bonus pot

More than 50,000 Marks and Spencer employees will split an £80 million bonus pot.

Depending on the hours worked, staff at the retail chain will receive between £200 and £500 each in bonus payments.

Announced as part of the final trading update from Sir Stuart Rose, who is due to step down as executive chairman in the summer, the bonus is the result of out-performance against the company’s plan for the past 52 weeks (ending 27 March 2010).†

The update reports a profit range of £620m to £630m for that period.

In March, Marks and Spencer announced it would accelerate the cash payment bonus for its employees, moving it forward to the first week of April to ensure bonuses were paid before the tax rate on personal income over £150,000 rose to 50% on 6 April.

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