PwC to pay one-off COVID ‘thank you’ to staff

PwC will pay all staff a one-off “COVID-19” payment as it puts this year’s salary cuts and redundancies behind it.

PwC chief executive Tom Seymour said that the one-off was a “thank you to our people for their hard work and commitment during what has been a very challenging period”.

The big four accounting firm PwC will pay all staff a one-off “COVID-19” payment as it puts this year’s salary cuts and redundancies behind it.

The firm emailed staff on Wednesday afternoon to say that the payment would be made across all businesses and “enabling functions” on December 15.

As well, promotions that had earlier been flagged as delayed until next year, will instead go ahead next month and in November.

No details were available on the quantum or percentage of the payment.

PwC chief executive Tom Seymour said that the one-off was a “thank you to our people for their hard work and commitment during what has been a very challenging period”.

The positive news for PwC staff comes against a background of significant cost-cutting imposed across all four firms this year as the pandemic devastated the business sector with a flow on effect to the firms’ audit and consulting operations.

A total of 1100 redundancies were made by the firms, with EY the only one of the four to avoid shedding staff.

PwC made 250 redundancies and cut salaries by 20 per cent via a four-day week for two months earlier this year.

Deloitte and KPMG pay cuts were the most extended of the big four with staff losing 20 per cent of pay for four months, while EY cut pay for three months.

The firms, which work on a business model that involves significant churn of younger staff as they work their way up the ladder, have all committed to taking in graduates this financial year, despite fears that the cuts would impact their entry programs.

Overall, the firms expect to take in about 2500 graduates. EY will cut its intake by 10-15 per cent and PwC by 5 per cent, while KPMG expects no reduction, and Deloitte — the biggest hirer — plans a slight increase on this year’s numbers.