Big Four accountancy firm Ernst & Young (EY) is going to give thousands of UK-based staff a share of a £20m bonus pot after seeing a sharper than expected revenue rise during the Covid-19 crisis
The firm is to pay out an average £1,100 to 17,500 employees, with the exception of partners, as a reward for their efforts during the tough months of lockdown.
Staff were informed of the news in a video message from Hywel Ball, EY's UK chairman and UK and Ireland regional managing partner, on Thursday afternoon.
The bonuses represent the substantial turnaround in the firm's outlook since the middle of 2020, when it deferred partner promotions amid uncertainty about the financial impact of the pandemic.
On the bonuses Hywel Ball said: ‘The Covid-19 pandemic has had a huge impact on people, communities and businesses in the UK, changing the way we work and live, and taking a vast emotional toll on individuals and families.
‘It is against this backdrop that I am very proud of our people across the UK. They have worked incredibly hard to support our clients and stakeholders during very challenging circumstances.
‘The payment we have announced today is a way for the EY partners to express our gratitude for their resilience and exceptional commitment.’
EY is another one of the big four accounting firms to pay staff an additional bonus for their work during the pandemic. Last week, KPMG gave staff a one-off Covid-19 thank you bonus worth 4% of their annual salary and in March, Deloitte announced bonuses of between £500 and £2,000 for all firm employees, with the amount determined by the employees pay grade.