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BonusesLatest NewsPay & benefits

Bonus growth rates halved in past year

by Guy Logan 14 Oct 2008
by Guy Logan 14 Oct 2008

The rate of growth in bonuses has halved in the last 12 months, research has shown.


The Economic & Labour Market Review by the Office for National Statistics found the total amount of bonuses awarded between December 2007 and April 2008 had risen by just £1.5bn to nearly £17bn. Bonus payments had increased steadily by £3bn per year in both 2006 and 2007.


Vicky Redwood, economist with research consultancy Capital Economics, said: “The slow growth in City bonuses is no surprise, but until recently the wider economy was holding up quite well.”


Redwood predicted bonuses would continue at a slower rate over the next 12-24 months.


“I think it will be a pretty significant change given the UK is going into recession – the worst recession since the early 90s – and for those who rely quite heavily on bonuses it will be quite a shock,” she said.


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Almost two-thirds (60%) of the total amount of bonuses last year came from the financial services sector, the research found.


Meanwhile, the TUC has called for a “wholesale review” of bonuses at the banks given a £37bn injection of taxpayer cash.

Guy Logan

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