This blog is a layman's view of what's wrong with the world economy and, perhaps, how to correct them. Included in this blog will be renewables, green, sustainability and other such topics.
I hope some of these will be "good news".
Tesco workers paid the price for the biggest profit slump in its history after their bonus pot was halved.
The supermarket giant’s 280,000 UK staff will share a payout worth £56million, down from £110m a year earlier, and worth a maximum of £1,625 per employee.
Tesco’s 5,000 top managers and its board will also lose out after their annual bonus and long-term share awards were axed.
The clampdown came after annual profits crashed 51% to £1.96billion.
It was left facing a £1.2bn hit from pulling out of the US by axing its Fresh & Easy business.
Philip Clarke, who has begun a £1bn fightback in the UK, missed out on an annual bonus for the second year running after waiving last year’s award. But he has just got £830,000 worth of shares, granted in 2010, on top of his £1.1m salary.
Tesco’s top execs still shared nearly £9m in pay and perks. Finance director Laurie McIlwee saw his total pay fall almost 20% to £917,000.
Tesco’s annual report also showed the firm paid two ousted directors £3m.
Tim Mason, who ran the troubled US arm, got £1.6m, while former UK chief Richard Brasher received a £1.3m pay-off.
Senior managers will only get an annual bonus if they manage to turn things around, the report said.
Under a new plan, annual payouts will be “less heavily weighted towards short-term profits”.
If maximum targets are met, Clarke could earn as much as £7m.
The £56m staff shares award is equivalent to 1.5% of an employee’s earnings, and is payable to workers who joined the group before February 25.
Shares are held in trust and can be sold after three years. A company spokeswoman said: “It’s not been a secret it’s been a challenging year for the business.”
The retailer also unveiled a new campaign to cut food waste from both its operations and supply chain, and among customers as part of its Tesco and Society report.
It aims to tackle the £680 worth of food that is thrown away by households every year, and includes selling food in smaller sizes at its convenience stores and tailoring promotions away from goods with shorter shelf lives.