EY staff expected to share £20m lockdown bonus
Hywel Ball: proud
Thousands of staff at big four accountancy firm EY are expected to share a £20m bonus pot after a better-than-expected rebound from the COVID-19 crisis.
The firm is to pay out an average £1,100 to 17,500 employees as a reward for their efforts during the tough months of lockdown. Deloitte made a similar payment to its staff last month.
EY’s UK partners will be excluded from the special bonus pot, according to Sky News.
Hywel Ball, EY’s UK chairman and UK and Ireland regional managing partner, delivered the news by a video message.
He said the firm wanted to reward them for their work during the pandemic.
It is also understood that EY had made substantial cost-savings in areas such as its corporate travel budget as a consequence of the lockdowns.
The bonus pot will be a relief throughout the firm after it deferred partner promotions amid uncertainty about the financial impact of the pandemic.
Mr Ball told Sky News that the pandemic had taken its toll on staff and their 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.”