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Bankers' bonuses in Britain rise twice as fast as rest of workforce

Published on Aug 30, 2014 12:30 AM
 
Workers cross the Millenium Bridge with the City of London seen behind, in London on July 30, 2014. Employees in the finance and insurance industry were on average paid a bonus of £13,300 (S$27,500) in the year to April, up 5.5 per cent on a year earlier, according to data released by the Office of National Statistics on Friday. -- PHOTO: REUTERS

LONDON (REUTERS) - Bonuses for Britain's bankers and insurance workers rose at double the pace of those for the total workforce last year, despite politicians' and regulators' attempts to clamp down on bumper payouts at financial firms.

Employees in the finance and insurance industry were on average paid a bonus of £13,300 (S$27,500) in the year to April, up 5.5 per cent on a year earlier, according to data released by the Office of National Statistics (ONS) on Friday.

Across the whole of the UK workforce, the average bonus per employee was just over £1,500, 2.6 per cent higher than the previous year.

Politicians have been trying to crack down on generous bonuses in financial services following the credit crunch. Many blame such incentives for encouraging excessive risk-taking, which destabilised banks that then needed to be bailed out.

 
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