Marks & Spencer staff to share £80m bonus pot

Marks & Spencer (M&S) staff will share an £80m bonus pot after the retailer reported exceeding targets on sales.

All M&S staff will share the payout but details have yet to be released, according to a trading update for the three months to the end of March.

Cash bonus payments will be brought forward in response to the new 50% tax rate on incomes over £150,000, the Daily Telegraph has reported.

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Staff can earn nearly two-thirds of their salary through M&S’s bonus scheme, and 250% if they hit “maximum” targets.

M&S said pre-tax profit for the year would be between £620m and £630m.