KPMG freezes pay for 12,000 UK employees amid economic slowdown: Report
livemint.comKPMG has reportedly frozen pay for 12,000 employees in the UK. According to a report by Financial Times, the bosses in KPMG has informed their employees that they would not receive a pay rise this year unless they were promoted.
Notably, the report comes only weeks after KPMG announced massive job cuts and froze pay in its deals advisory arm following a prolonged slowdown in dealmaking. The FT report states that employees at the Big Four Accountancy firms- Deloitte, EY, KPMG, and PwC- have been given salary hike every year.
However, the 4.6 per cent inflation in October in UK is bound to affect real-term by pay-cuts. The FT report also states that bonuses will also be cut, with staff in KPMG’s 2,900-strong tax and legal arm receiving 55 per cent of the full amount that could have been paid.
The pay freeze will not affect the firm’s graduate and apprenticeship staff, FT reported. "Exciting news! Mint is now on WhatsApp Channels
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