Wednesday September 19,2012
By Charlotte Meredith for express.co.uk
Bankers pocketed average bonuses of £12,000, figures show
WORKERS in the financial and business industry pocketed 36 per cent of all bonuses paid in the UK last year, despite making up just four per cent of the workforce, new statistics have revealed.
Employees in the industry took home bonuses totalling £13 billion in the financial year 2011/12, 9% down on the previous year, according to figures from the Office for National Statistics (ONS).
The average bonus per employee in the finance and insurance industry was £12,000 – £1,500 lower than last year – but still nearly nine times higher than the national average.
Excluding financial services, the average public sector worker's bonus was just £100.
Unison general secretary Dave Prentis said: "It is a disgrace that the lure of big bonuses fuelled the recession and yet today's figures show finance workers still bringing home more in bonuses than many public service workers get paid in a year.
"The pay freeze is having a devastating impact on the families of nurses, home care workers, paramedics, dinner ladies and millions more public service workers.
"At the other end of the spectrum the Government is happy to sit back and let the bonus culture go on. It is time to tackle this divided Britain and put an end to this damaging pay freeze."
However, the ONS report revealed that the gap between City bonuses and those in the rest of the economy has narrowed marginally.
The banking sector has hit harder times since the financial crisis, as profits have been impacted by economic weakness, a number of scandals such as the mis-selling of payment protection insurance and a raft of new legislation.
The reduction in City pay also came after Bank of England governor Sir Mervyn King called on banks to reduce payouts and hoard cash to help them deal with any further shocks from the financial crisis.
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