John Lewis admits £40m payroll error | AccountingWEB

John Lewis admits £40m payroll error

The John Lewis Partnership has admitted to a payroll accounting error that will result in payments and expenses of £40m.

Following a review of their holiday pay policy, it came to light that the firm had not paid employees who receive additions to pay, i.e. premiums for working Sundays or bank holidays correctly under the working time regulations legislation.

This meant figures should have been higher for many staff who received £350 on average per person.

John Lewis Partnership is unique as a department store, in that it is a partnership...


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Not on zero hours contracts then?

Briar | | Permalink

What a saving if they had been? As the "partners" get bonuses on the firm's performance, they will now receive those bonuses as holiday pay and lower bonuses. Null effect?

Recalculate ?

mikewhit | | Permalink

OK, 69,000 affected, average payout stated to be £350 ... that's a total of £24.15m

Not even close to £40m ...