Deloitte UK says cutting partner pay to preserve jobs in pandemic
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay
LONDON (Reuters) – Global accounting and consulting company Deloitte said partners at its UK arm would have their pay cut by a fifth this year to protect jobs during the pandemic.
Richard Houston, chief executive of Deloitte UK, said the highest earners must bear most of the financial burden, and they must build the resilience of the firm for the long term.
Houston said in a blog there would be no annual salary increases this year, with bonuses reduced and deferred until later in the year.
“As part of this package of actions, partner annual earnings are expected to decline by around 20% and we have deferred profit distributions,” Houston said.
Reporting by Huw Jones; Editing by Kirsten Donovan