It has been revealed that record-breaking Christmas bonuses are to be awarded to City highfliers worth up to the value of £9 billion.
The staggering payouts are expected to be paid out in the early spring and will lead to some of the people filling the top jobs getting tens of million of pounds each.
The majority of these positions already enjoy six-figure salaries but the outlook for the New Year is looking sunny with seven-figure bonuses.
These bonus payouts have been grabbed by the ascending stock market, which reached record levels amid frantic company takeover activity.
Last year, there were cries of disbelief when 3,000 senior City workers received at least £1 million each in record bonuses.
Last year, there were harsh criticisms made when 3,000 senior City workers were said to receive at least £1 million each in record Christmas bonuses.
This year, the stakes appear even higher. Bonuses will be about 15 per cent higher than last year’s £7.5bn taking them to more than £8.6bn, according to the Centre for Economics and Business Research.
The staggering pay packages which reward City workers is a far cry from the lives of Britain’s 29 million workers. Most are struggling with below inflation wage increases – but inflation-busting rises in their household bills.
The bonuses will be paid between December and January, which means there is plenty of time for the beneficiaries to spend their money on luxurious items
Tara Ricks, managing director of City recruitment firm Joslin Rowe, said: ‘From big-ticket items such as new homes, cars, holiday apartments, yachts, shares and race horses to luxury holidays, jewellery, fine dining and designer clothes, this money will pour back into the economy.’
The average salary of an employee in Britain is £25,000 and in comparison to the £90,000 full time average City worker it is loose change.