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KPMG has now confirmed that staff will receive a one-off “thank-you payment” worth 4 per cent of their annual salary.
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KPMG confirms 4% pandemic bonus
22 April 2021
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6 minute read
The one-off payment will be separate and additional to the big four firm’s year-end performance review and reward, and has been made in recognition of staff members’ “contributions and resilience in tough circumstances” throughout the pandemic.
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The 4 per cent bonus will be paid out next month.
“I’m very pleased to say our positive momentum has continued,” KPMG chief executive Gary Wingrove told staff on Thursday. “Thank you for your efforts. All of you have contributed to this.
“It’s a recognition and thank-you for your contribution working with us through the challenges of FY21.”
Plans to issue a “thank-you payment” was first revealed in February after KPMG recorded better-than-expected half-year figures, but the firm had yet to finalise the value of the payment. It also moved to return an additional portion of pay cuts that it initiated at the height of the pandemic.
Staff at KPMG saw a 20 per cent pay cut for four months running from May to August 2020, but the firm eventually repaid one-third of the May and June cuts.
KPMG then moved to repay half of the July and August 2020 cuts at the end of last year, before returning a further portion in February.
The firm saw a 7 per cent increase in revenue to $1.9 billion last year, with COVID-19 causing it to miss its 12 per cent target.
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