UK EY staff to receive £20 million in bonuses after COVID-19 bounce-back
EY is giving thousands of its UK staff a share of a £20 million bonus pot after the Big Four firm saw a better than expected revenue bounce-back from the coronavirus crisis.
It has been reported that EY is to award an average £1,100 one-off payout to 17,500 its employees for their hard work throughout the pandemic.
Staff were informed of the payout in a video message from Hywel Ball, EY’s UK chairman and UK and Ireland regional managing partner on Thursday afternoon, Sky News reports.
According to an insider at the firm, EY’s UK partners will be excluded from the special bonus scheme.
Insiders said that EY had made substantial cost-savings in areas such as its corporate travel budget as a consequence of COVID-19 lockdowns.
The move represents a substantial turnaround in EY’s outlook since the middle of last year, when it deferred partner promotions amid uncertainty about the financial impact of the pandemic.
In a statement issued in response to an enquiry from Sky News, Mr Ball said: “The COVID-19 pandemic has had a huge impact on people, communities and businesses in the UK, changing the way we work and live, and taking a vast emotional toll on individuals and families.
“It is against this backdrop that I am very proud of our people across the UK. They have worked incredibly hard to support our clients and stakeholders during very challenging circumstances.
“The payment we have announced today is a way for the EY partners to express our gratitude for their resilience and exceptional commitment.”
A source said the one-off bonus was being awarded in addition to EY’s annual salary and bonus reviews, which take place in October.