City workers to gain bumper bonus payments

A third of workers in the City of London expect massive hikes in their bonus payments, with increases of up to 65 per cent compared with last year, according to consultants Morgan McKinley.

On average, respondents to the 2004 London Employment Monitor think their bonuses will be 35 per cent higher than in 2003.

Job vacancies in the City are up 106 per cent since last year, with 9,387 positions standing empty, reflecting the increasing difficulty employers are having filling vacancies.

Last week, government figures showed that unemployment is at its lowest since 1975.

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However, Morgan McKinley chairman Ken Brotherston warned that not everyone would be enjoying a bumper Christmas.

“Business conditions in the City are more muted than they were earlier this year,” he said. “While the City is in good shape and bonuses will be healthy, 2004 is not going to be the bumper year some are hoping for.”