PwC’s UK staff have been told to expect smaller pay rises and bonuses this year, according to reports in the Financial Times.
Despite the cost-of-living crisis, which saw big hikes in salaries last year, salary bands have been frozen for some junior auditors because of the “challenging” market conditions.
The FT said the firm’s junior auditors were told on a webcast in late June that pay bands would be frozen for one set of employees, while many others would only get increase of 3-6%, which is in effect a pay cut in real-terms.
One junior auditor told the FT they were shocked by the freeze in pay, and there was talk of quitting. Currently most junior auditors are paid between £26,000 and £34,000 a year depending on location.
