Tesco bonus cuts: Profit fall dents rewards for supermarket workers

That's the way it should be: workers get some bonus, execs get none with falling profit.

From - http://www.mirror.co.uk/money/city-news/tesco-bonus-cuts-profit-fall-1907685

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.

British police make £20 million from personal injury claims

From - http://www.telegraph.co.uk/news/uknews/law-and-order/9964617/Police-make-20-million-from-personal-injury-claims.html

The officers are using “ambulance chasing” lawyers to sue over accidents which happen whilst they are on duty – including falls and animal attacks.

There is even a hotline run by the Police Federation which is encouraging the practice. A lot of the £42million paid out in the last two years has been taxpayer funded.

The revelations come as public anger grows over the case of PC Kelly Jones, who is seeking damages from petrol station owner Steve Jones after reportedly tripping on a curb whilst attending a suspected break-in.

Mr Jones and the officer were checking the outside of the building after an alarm had gone off, when PC Jones is alleged to have fallen and injured herself.

Mr Jones has now received a letter from her solicitor claiming he is at fault after she suffered an injury to her leg and wrist and attended hospital, although she had been well enough to continue searching.

Mr Jones, 50, said he was "dismayed" to have received the letter seven months after the incident on August 25 last year.

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Now that the 'cat's out of the bag', the British fire fighters and ambulance crew and maybe lots of others willbe  making similar claims - if they haven't done so already.

A new competition for companies and for individuals?

The article below makes me wonder why governments don't set up two annual awards; one for corporations and the other for individuals. The criteria for such awards will be either the amount of tax paid or the percentage of income that was paid in tax or a combination of the two. The winners will be the company or individual who paid the most tax.

In the UK, the former can be an extension of the existing Excellence in Industry awards and the latter can be part of the 'honours' system, where worthy citizens are given post-nominals like MBE or even knighthoods.

From - http://www.independent.co.uk/news/uk/home-news/rich-must-pass-smell-test-says-top-taxpayer-8191494.html - 

"Britain's highest earner has said the rich need to pass "the smell test" when it comes to paying tax – a week after The Independent revealed him as the country's biggest individual taxpayer.

David Harding, the founder of hedge fund Winton Capital Management, paid £34m tax on his £87m income last year, an overall rate of 39 per cent.

"I think if you want to be accepted by society you have to be seen to be paying your share," he said. "I think the resentment and anger is felt among the middle class – the civil servants, the soldiers, the public-sector workers, the professional classes, the backbone of the British nation.""