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Bonuses


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From: The Socialist issue 1062, 30 October 2019: Tories out now. Bin Boris. Corbyn can win with socialist policies!

Search site for keywords: Argos - Workers - Retail - Bonuses

Argos Christmas bonus cut

Argos-Sainsbury's, photo Martin Pettitt/CC

Argos-Sainsbury's, photo Martin Pettitt/CC   (Click to enlarge)

Millionaire retail boss Mike Coupe, who was caught on camera singing "we're in the money" on TV before an interview about a possible Sainsbury's-Argos merger, has halved Argos workers' Christmas bonus to just 5.

Argos' 16,000 shop staff earn a typical 11,931 a year, which contrasts with the 3.9 million Coupe pockets after his bonus soared to 593,000.

Coupe's excuse for cutting the bonus was to bring it in line with Sainsbury's workers who already only get a fiver. Sainsbury's bought Argos for 1.4 billion in 2016.

Sainsbury's has already made moves to cut paid breaks, special rates for Sundays and annual bonuses.

It's only October but Coupe is already auditioning for the role of Scrooge.

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The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

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