Next chief executive Simon Wolfson is to share a nearly £4 million bonus with the organisation’s staff in May.
Around 19,400 staff, who have been employed by the clothing and household furnishings retailer for at least three years, will receive an average of 1.5% of their salary.
The bonus has been awarded to Wolfson through a share matching plan (SMP).
He shared a £2.4 million bonus from the same incentive scheme with employees in 2013.
Next will also increase pay for its retail sales consultants and stock room assistants, totalling approximately 23,500 employees in the UK.
From 1 June, their pay will rise by 37p an hour.
In an email to staff, Wolfson wrote: “In the last three years, thanks to everybody’s hard work, Next has grown its profits per share by 65% and the company’s shares have trebled.
“As a result of these exceptional gains, my SMP bonus has become more valuable than I could possibly have hoped. I am also in the very fortunate position to have significantly benefited as a shareholder.
“In these circumstances, instead of accepting the award, I have asked the board if they will share it among all those who have worked for the company during the three-year SMP qualifying period (28 April 2011 to 28 April 2014).
“The sum in question is just under £4 million, and will be shared in proportion to your annual contracted salary. This works out to around 1.5% of your salary.
“It will be paid as a one-off bonus in your May pay. I hope you will accept this bonus as a personal gesture of thanks and appreciation for all your hard work and dedication to Next through testing economic times.”
