Employment: Whole new bonus ball game
In-house lawyers would be wise to consider carefully the wording of bonus plans following a number of recent court rulings that threaten to change the employment landscape
Recent statistics support the view that bonuses are now an integral part of any reward package, rather than an additional extra. A report from the Office for National Statistics showed a 16% jump in bonus payments to £19bn, the majority of which is paid to those in the financial services industry, particularly in the City of London. Pricewaterhouse-Coopers also stated in a recent report that fewer executives at FTSE 100 companies now went without a bonus.
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