London set for a bonus bonanza

2005

London looks set for a bonus bonanza with seven out of 10 City employees expecting their 2005/2006 bonus to be higher than they were in 2004 – and a quarter hoping to receive double what they did last year.

Figures from the Morgan McKinley London Employment Monitor suggest that a mere six per cent expect their bonuses to be smaller than last year, with less than a quarter (22 per cent) expecting them to stay the same.

Meanwhile, employment levels also look to be picking up, with the number of new jobs coming on to the market increasing to 6,489 in August 2005, compared to 5,922 in July 2005 and 4,347 in August 2004.

Average City salaries have decreased by 4.2 per cent to £49,334 in August 2005 compared to July but are up 1.7 per cent on August last year.