LINCOLNSHIRE Co-operative has announced that its dividend bonus payout to members has topped £ 1million for the first time ever this year.
The milestone was achieved after members attending the society's recent AGMs voted for a dividend bonus of 50p for every £ 1 worth of dividend points earned with the Society.
The amount paid out is up 50 per cent on last year and reflects the society's successful trading year.
Society members will receive their bonus in proportion to the dividend points they have collected during the year. The largest single payout this year is £ 939 and over 5,000 members have received a payout of more than £ 50.
The Society's Chief Executive Officer, Ursula Lidbetter, said this payout reflects the underlying strength of the Society and the benefit of co-operative membership.
As well as the annual bonus, members also collect Dividend Points as they shop, currently issued at a basic rate of 1 per cent, and are entitled to a funeral benefit payable on the death of the member or their spouse.
Special offers are also available to members from other co-operatives such as insurance and phone deals.
The society has also developed a Community Dividend Card. Every time the Community Card is used when shopping, points will be collected for the member's favourite charity. The society will match every £ 1 collected in this way with a donation of £ 1.