BUSINESS LIVE: Workers set for 3% raise; LV boss’s bonus scrutinised

BUSINESS LIVE: Johnson Matthey initiates second £100m buyback; Employees set for 3% pay jump; LV boss under pressure to give up bonus

London-listed chemicals firm Johnson Matthew has commenced the second tranche of a £200million share buyback scheme, having completed the first £100million of purchases on 28 January. 

The second tranche of the share buyback programme of up to £100million will commence today and will end no later than 20 May, with all shares repurchased set for cancelation in efforts to reduce the share capital of the company.

Employees will see their pay jump 3 per cent this year as bosses battle to attract and retain talent, according to research.

Seven in ten firms said they plan to add workers while just one in ten intend to lay off staff, leading to the pay boost.

LV chief executive Mark Hartigan is under pressure to give up his bonus after his botched attempt to sell the insurer to American buyout barons.

Hartigan is in line for a bonus of up to £740,000 for 2021. But critics said it would be a ‘slap in the face’ if the ex-army colonel received more than his basic salary of £435,000.

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The average worker will receive a 3% rise this year, according to a survey by the Chartered Institute of Personnel and Development, which it said is the biggest jump in ten years.