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UK study: Bank bonuses 'bounce back'

Friday 27 May 2011 - by Will Henley

Bonuses and salaries paid to professionals in the UK financial services sector have rebounded in the aftermath of the global financial crisis, according to new research.

A survey by Income Data Services, an employment research agency, indicates that bonus payments are not yet back at to pre-crisis levels, but have shown a marked "bounce back" in the past two years.

The research also suggests that regular pay has continued to grow, shooting up some five per cent or more over the past year. The IDS suggests this is the reason bonuses have not as yet returned to their peak.

Across the sector, which makes up 4.2 per cent of the total UK workforce, the average bonus payment was £901 a week in February 2011, and £760 a week in March 2011. This compares with £975 and £714 in 2010 respectively.

"The last two years have shown a bounce back to higher bonus payments, although without quite reaching the peaks seen just before the recession," said the IDS.

"Strong regular pay growth at around five per cent and above over the last year may also suggest that earnings growth in the subsector has transferred from bonuses to regular pay."

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