Co-op Group member anger at 'insulting' dividend card payout
Disgruntled members of The Co-operative Group have taken to Facebook to vent their anger over lower-than-expected dividend payouts.
The society started sending the interim payouts to its seven million members last week. Many expressed shock and disappointment that they received just half what they got last year after the society slashed the rate from 1p to 0.5p per point. Staff also reported complaints being made in store.
“Unhappy about the amount of profits I got!” said one Facebook poster. “I buy lunch everyday with The Co-operative, I also work there and all I got back was £3.00!”
Another wrote: “Very disappointed with my share of the profits! I always shopped at Co-op as it is right on my doorstep, but would rather walk to Sainsbury’s now and collect my Nectar points.”
Yet another said: “Absolutely furious at The Co-op. Insulting Xmas bonus payout. Spent loads in there this last year and they have the cheek to send me £4.60p bonus. What a rip off.”
A Co-op Group spokesman responded that it had been the members’ choice to halve the dividend. “The dividend is paid out twice a year and its payment is determined by our members,” he said. “In light of the continuing uncertain economic situation, our members agreed at the recent half-year general meeting to take a prudent approach with regards to this year’s interim dividend payment.”
The Co-op Group reported a 34% slump in operating profits to £174m in the six months to 30 June.