Employee Rewards and Benefits News
FSA to 'freeze bonuses and pay'
The Financial Services Authority (FSA) has revealed in a new report that its workers will not receive any pay rises this year, sparking off fears that the public sector will be subject to freezes across the board.
Employee Benefits reported how the regulator, which employs around 3,000 staff at its offices in British capitals London and Edinburgh, has not put aside funds for increases this year.
Bonuses will not change either, with the pot apparently being held at the same rate as last year, at 15 per cent of the total salary pot.
Commenting on the situation, a representative of the organisation told the news provider: "The executive took a number of factors into account when making this decision, including the current economic climate and salary trends in the marketplace."
Earlier this month, the Pension Protection Fund revealed that the role of gilt yields and equity markets have helped final salary pension schemes slash funding deficits in December.
Posted by Peter Chad
