In October last year, the firm announced that it would cut partner pay by 17% as a result of a decline in revenue growth during the COVID-19 pandemic. The firm will now pay the bonuses to all UK staff below partner level at the end of next month, with the amount paid determined by the employees pay grade, which is linked to their seniority level.

Richard Houston, Deloitte UK CEO and senior partner, said: “At the outset of the pandemic there was a huge amount of uncertainty around what it could mean for our firm and the potential impact on trading performance.

“I know that our firm has been in a fortunate position as we’ve been able to run our business and help clients respond to the substantial challenges and change brought about by the pandemic throughout FY21.

“We recognise that this wouldn’t have been possible without the hard work of all our people. We remain incredibly proud of the role each of them have had in the firm’s performance through this period – and are very grateful for everyone’s continued commitment in these challenging times.”

The firm is currently in the process of undoing its pandemic austerity measures. Individuals promoted over the last year will receive a backdated pay increase to the time of their promotion, and employer pension contributions will revert to pre-Covid contribution rates a month ahead of schedule, CityA.M reports. 

In 2021, bonuses will be paid as normal, and annual salary reviews will also resume this year.