Bankers 'sneaky' in avoiding EU bonus cap

European Union

Bankers are using 'sneaky' ways of avoiding the European Union's new cap on bonus sizes, a think tank has claimed.

The BBC reports that the High Pay Centre predicted bankers would enjoy yet another bumper year of bonuses while other workers saw their wages stagnate.

It comes as banks prepare to pay bonuses for last year's performance.

The British Bankers Association said bonuses were now 'smaller' and rewarded sound, long-term decision making.

The UK government is currently preparing a legal challenge to an EU cap on bonuses which limits payouts to 100% of basic salary.

The cap is designed to come into effect on bonuses awarded from 2014.

Banks have been accused of raising basic salaries to compensate for lower bonuses in response to the EU-wide cap.

To access the complete BBC article hit the link below:

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