Bonuses reach post-recession high, with just over £40 billion in payments.
Figures have been released by the Office of National Statistics (ONS) that bonuses are up nearly 5% on last year. The rise takes total bonus payments to more than £40 billion, with approximately 28% of this figure going to those in the financial services sector.
The total amount of bonuses being paid this years is the highest since the recession hit in 2008, with an increase across the board.
The private sector increased by 5.8% to an average of £1800. This figure is six times greater than the average bonus payments of just under £300 to public sector workers.
The financial services sector continue to receive the largest sums, with the average bonus per employee of £13,300. A total of £14.4 billion bonus payments went to those working in financial services. The statistics also show that bonus payments for financial services employees now comprise 24.2% of their total pay. This is still an increase on last year, but still less than the peak of 33.9% in 2007.
The second highest bonus payments were in the the mining and quarrying sectors, which include oil extraction and exploration – where individuals received on average £7000.
Employees in the education and health sector receive the least amount of bonus payments.
Would you like to introduce benefits such as bonus payments for your workforce? Our HR consultants can help. Give them a call on 01223 855441 to discuss your requirements in more detail.