PwC is making its most significant increases to staff pay for 10 years, in a move that recognises rising living costs and the competitive recruitment market. More than £120mn is being invested in the pay rises, which will see 70% of employees receiving at least a 7 percent increase (with 50% getting a rise of 9 percent or more). Salaries for many of our entry programmes will also increase – for example, starting salaries in audit will rise by 10%. Those studying the ICAEW Chartered Accountant qualification as graduates will now be offered £32k per year in London (regional differences apply). Consulting graduates will now be offered £33.5k per year in London, a rise of just over 8%. A further £138m is being allocated to bonuses this year – up £10mn on last year.
Kevin Ellis, chairman and senior partner at PwC, said: “We know from staff surveys that base pay is particularly important to our people, given the bearing it can have on mortgages and future salary.
“We also looked at the salaries of our entry programmes to ensure they are as competitive as possible.”
This news follows KPMG’s move to pay its 16,000 staff flat bonuses of £2,000 or £4,000, depending on their job position.
