John Lewis has announced plans to reduce redundancy payouts for its employees, potentially leading to job cuts. The employee-owned company informed its staff that it would cut redundancy pay from the current two weeks’ pay per year of service to just one week’s pay per year of service. The company provides “partnership redundancy pay” in addition to statutory redundancy pay set by the Government. In an internal memo, John Lewis Partnership acknowledged that the high cost of redundancy pay had hindered its ability to invest in other areas and transform itself for the future.