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Liverpool Echo
Liverpool Echo
World
Stephen Hayward & Lottie Gibbons

Argos staff Christmas bonus cut to just £5 by boss on £3.9m

Argos workers have seen their Christmas bonus halved by the company boss who was filmed singing "We're in the money" when the firm merged with Sainsbury's.

Workers will see their annual gift go from £10 to just £5 to bring it in line with the amount put in the Sainsbury's workforce festive pay packet, reports the Mirror .

The move is in stark contrast to the impression given by chief executive Mike Coupe, who was mocked for singing the 42nd Street show tune when the two companies merged.

While Argos’ 16,000 sales staff earn a typical £11,931 a year, Mr Coupe pocketed £3.9million after his bonus soared to £593,000.

One insider said: “Argos cut the bonus to just a fiver in the same year the CEO takes £3.9million.

"It brings it in line with Sainsbury’s, rather than raise Sainsbury’s to £10. Great company.”

Dave Gill, of union Usdaw, said: “Given the company states they want ‘to create a fantastic team spirit’ with parties, this cut in budget could be seen as mean spirited.

"We have asked them to reconsider.”

The supermarket giant has already faced controversy over plans to cut paid breaks, special rates for Sundays and annual bonuses for its 130,000 shopworkers.

Argos made no comment to the Mirror Online.

A sign outside a Sainsbury's supermarke (PA)

Every Christmas, many firms' employees receive some form of bonus or reward for their hard work over the past year.

Bonuses vary from monetary payments to gift cards or alcohol vouchers for the annual Christmas party .

The payment is intended to boost staff morale and reward them for their efforts during the year.

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