May 9, 2017 / 9:12 AM / 3 months ago

UK's John Lewis makes 36 mln stg provision for potential minimum wage costs

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LONDON, May 9 (Reuters) - Britain's John Lewis Partnership has made a provision of 36 million pounds ($46.6 million) to cover the potential costs of complying with government mandated National Minimum Wage (NMW) regulations, it said on Tuesday.

The owner of the John Lewis department store chain and Waitrose supermarket said that while the Partnership’s contractual hourly rates of pay have never been below the NMW, it intends to work with HMRC, the body responsible for implementing the changes, to understand if all its arrangements meet the specific criteria of the regulations.

The provision was detailed in the partnership's annual report and accounts.

The partnership also said Charlie Mayfield, its chairman, had waived his bonus for 2016-17, which would have been 66,000 pounds. ($1 = 0.7727 pounds) (Reporting by James Davey; Editing by Alistair Smout)

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