Next Boss To Put His Money Where His Mouth Is!
It had been cited that Lord Wolfson had stated that Next’s entry level wage of £6.70 per hour was ‘enough to live on’. The comment sparked widespread criticism, particularly when it was revealed he pocketed £4.6million last year. Lord Wolfson has since sent an apologetic e-mail to the retail chain’s 48,500 staff along with a promise to subsidise a five per cent pay rise, taking the entry level wage to £7.04 an hour, to all staff from his own bonus.
Lord Wolfson explained that he was ‘mortified’ that his comments had been ‘misrepresented’ and that he accepted that some people living on retail wages were struggling financially. He added: ‘My primary responsibility is to ensure the company remains strong, and competitive but we will increase standard entry level wages in our annual review.’
‘In the event there is a shortfall in funding, I have agreed with the board that any bonus I might be due in the year ahead will be used to fill the gap.’
Last month Next announced annual profits of £782million. Meanwhile the debate around minimum and ‘living wages’ have been a hot topic amongst leading politicians in the run up to the next general election.