Next CEO to share £4m bonus with staffWednesday 09 April 2014 18.00
The chief executive of retail giant Next is to share his £4 million bonus with thousands of the firm's staff, it has been announced.
Simon Wolfson said in a letter to employees that an incentive scheme he was awarded in 2011 had grown and was "more valuable than I could possibly have hoped".
He said that instead of accepting the bonus he had decided to share it among staff who have worked for the company since 2011 - around 20,000 employees.
The money will be shared in proportion to a worker's annual salary, giving them a 1.5% pay rise, as a one-off bonus next month.
Mr Wolfson also announced that the annual pay review will be brought forward from October to June, and that hourly rates will rise by 37p from 1 June.