Why they work at John Lewis

Today's announcement that John Lewis and Waitrose staff will be paid a bonus of 14% of their salaries is focusing attention on on the perks that this UK shopping institution gives to its 81,000 partners.

The bonus works out at a juicy 7 weeks pay. It's slightly down on last year in light of the fact that the group's profits have dropped a bit while other retailers took a hammering.

But partners can console themselves with:

* their non-contributory final salary pension scheme which they can join after 3 years' service

* 5 holiday complexes for staff, including golf courses in Berkshire and Hampshire, a sailing club and holiday resorts in the Lake District and on Brownsea Island

* discounts on most purchases in John Lewis and Waitrose

* 25 days paid holiday after 3 years, rising to 30 days after 10 years, then a full six months off after 25 years

* cheap lunch, life assurance and more.

No wonder they stick around!

Sun burns John Lewis

HEATWAVE HITS JOHN LEWIS SALES

The Autumn heatwave knocked John Lewis's sales in the week to 1st October.

They were down 7.9% on last year, as shoppers stayed away to enjoy the sun.

Household budgets are under strain anyway so some will take John Lewis's "tough week" as a warning sign.

The department store chain said trade in the electrical, home and technology areas stuttered due to the impact of the weather.

Sales of autumn fashions were hit as well, though John Lewis is hoping that more people will grace its doors now that cold winds are starting to blow.

How to raise £50m in 11 days...

John Lewis has closed its 6.5% Partnership Bond for new applications after just 11 days, after its cardholders, customers and staff stumped up £50m.

The cut-off comes three weeks earlier than planned.

The cash inflow could show a new appetite for higher interest bonds. Savers face historically low returns from conventional accounts with banks and building societies.

Savings experts have warned that the bonds aren't protected by the Financial Services Compensation Scheme, which guarantees bank deposits up to £85,000.

But the John Lewis bond came hard on the heels of a similar offer from Tesco and it was followed by a new bond from Lloyds.

Investors were invited to put in lump sums of £1,000 or more for five years in return for a fixed annual return of 4.5% in cash with a further 2% paid in John Lewis gift vouchers.