Firm Management
KPMG Freezes Pay and Cuts Bonuses in the U.K.
Raises would be prioritized for staff who have been promoted, and employees will receive a smaller bonus than in previous years.
Nov. 28, 2023
By Irina Anghel, Bloomberg News (TNS)
KPMG has frozen pay for thousands of its U.K. staff and cut bonuses despite stubbornly high inflation.
A spokesperson for the audit firm said that due to soft market demand, raises would be prioritized for staff who have been promoted. Workers eligible for a bonus will receive one that’s lower than in previous years.
The business has about 17,000 staff in the U.K. including partners, who receive a share of profits. Graduates who are progressing as they pass exams won’t be affected by the pay freeze.
The so-called Big Four accountancy giants have been reining in costs to adapt to a tough macro environment, laying off hundreds of staff in the U.K. and cutting partner pay due to a slowdown in dealmaking.
The news was first reported by the Financial Times.
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