Lord Wolfson, boss of the booming clothing retailer Next, decided to reward his staff for helping him to “navigate our business through this recession”.
Wolfson was due to receive a £7 million (S$13.1m) pay packet, but made the decision to hand back £2.4 million (S$4.5m) from one share scheme, which is to be redistributed among the group’s workers, The Guardian reported.
The bonus will go to around 19,400 employees who have been working for the brand since 2010. The amount averages out to around £124 (S$233) each.
“The exceptional gain in our share price has meant that this award has now become more valuable than I could possibly have expected,” Wolfson wrote in an internal email to staff, The Guardian published.
“I hope you will accept this additional bonus as a gesture of thanks and appreciation from the company, for the hard work and commitment you have given to Next over the past three years and through some very tough times.
“I remain very grateful for the way in which everyone has helped to navigate our business through this recession.”
Wolfson’s shares were given to him in 2010 but only made available once the company hit certain performance targets.