City bonuses increasing six times faster than wages, says TUC

Union body calls for maximum pay ratio to limit bonuses to 10 per cent of salaries

Average City bonus of £6,327 in March was 2.4 times the size of the typical worker’s £2,665 monthly pay packet (PA)

City bonuses are rising six times faster than wages, according to new analysis released today by the TUC.

The trade union organisation’s general secretary Frances O’Grady said that “obscene” payouts in the financial and insurance industries had returned to the levels of before the 2008 crash, with bonuses totalling £5.9bn paid out in March alone.

Ms O’Grady called for the introduction of maximum pay ratios to limit bonuses to 10 per cent of total pay, as well as the appointment of workers to company boards to give them a say on remuneration decisions.