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Business News

Finance workers grab bulk of bonuses

Bonuses worth £13bn were paid out to workers in the finance and insurance industry over the past financial year, an average of £12,000 each, new figures show.

The Office for National Statistics said the sector received more than a third of the £37bn paid to the British workforce, despite accounting for just 4 per cent of all employees.

However, finance and insurance industry bonuses were 9 per cent lower than in 2010-11 and also below the peak years of 2006-07 and 2007-08, when they totalled £18bn and £19bn, respectively.

The average bonus received by private sector employees across the total workforce was £1,700, while the figure for the public sector – including the state-owned banks – was just £300.