PwC partners to pocket record £1m+ payouts
PwC is expected to pay its UK partners an average of more than £1 million for the first time as they gain an added benefit from sale of the Big Four accountant’s mobility services business.
Just under a thousand top executives will be paid £920,000 in profit-per-partner, a sharp rise on the record £868,000 they were paid in 2021.
On top of that, each will receive an additional windfall of about £100,000 from selling the unit which helps multinational companies manage their immigration, business travel, tax and payroll.
It was acquired in October by Clayton Dubilier & Rice, the American private equity giant, for £1.8 billion.
Last month, PwC gave pay rises of at least 9% to thousands of staff as companies ramp up salaries to retain staff in a highly competitive market.
PwC had an exceptionally strong year, driven by a boom in corporate deal-making as private equity firms continued to target the UK market.
Big Four consultancy teams have also been busy advising clients on upgrading technology and processes through the pandemic and helping them meet their sustainability targets.
PwC chairman Kevin Ellis told Sky News: “It has been an exceptional year but we can’t take this for granted. With economic headwinds facing all businesses including rising costs and the tightness of the labour market, we have to shore up with further investment, particularly in people, skills and technology.”
Those investments, he warned, are likely to dent partners’ profits in the coming year but should boost performance “over the medium to longer term”.
Partners at KPMG received £688,000 on average last year and those at EY were paid £749,000. Deloitte partners received £854,000 in 2021, although they also banked an extra £200,000 each after the sale of its restructuring division to Teneo.