If you don’t work in the City, look away now, because this story may dampen your festive cheer.
Senior City workers are set to see their bonuses go up by 21% in 2015, according to research by recruitment firm Astbury Marsden.
The average bonus expected to be given to workers could be as much as £124,000, up from £102,000.
The news comes despite a cap on bonuses that came into effect in January 2014.
Under the new rules, the worker’s extra pay can only be up to 200% of salary – if shareholders agree.
Banks are known to be hiking salaries to get around the new rules so that they don’t lose staff.
Adam Jackson, director at Astbury Marsden, said: “Business conditions in the City have improved significantly over the last year, which is now translating to rising bonus expectations.”
“Despite shareholder and public pressure to limit bonuses – and with the EU bonus cap now set to be introduced at the start of 2015 – City staff clearly feel that their employers are in the position to reward them well.”
Have you read the RBS worker’s open letter to Russell Brand and its responses? You should