Portuguese retailer Jerónimo Martins has announced plans to invest approximately €11 million on an extraordinary annual bonus for 23,000 of its employees in stores and distribution centres across the country.
The bonus, which will be paid alongside employees' wages this month, recognises the 'work and contribution of these employees to the group’s results, particularly in a year as challenging as 2020', the retailer said.
Bonus Breakdown
In Portugal, 84% of eligible employees will be receiving an individual bonus of €500, on top of variable monthly pay and the employee support programmes and initiatives focusing on healthcare, education and family well-being.
As well as applying to employees in Portugal, bonuses will also be paid to workers at the group's Polish and Colombian operations, meaning a total of 80,100 employees will benefit. This means approximately €50 million, or 16% of the group's net profit in 2020, is being earmarked for this bonus award.
Jerónimo Martins employs more than 33,000 employees in Portugal, of a total of more than 118,000 employees in the three countries in which it does business.
Jerónimo Martins Performance
In March, the retailer announced that its fourth-quarter net profit was down 25% compared to the same period the previous year, largely driven by increased costs as a result of the pandemic.
Looking ahead to the coming year, the group warned that 'there is still uncertainty about the possible implementation of further confinement measures, at least in the first half of the year', however it did announce plans to increase investment in its operations this year, mainly in Poland, where it is the market leader.
On a full-year basis net profit declined 20% to €320 million, while sales were up 3.5% to €19.3 billion.
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