Bonuses across the financial services sector were flat in 2010-11 at £14bn, according to the Office of National Statistics.
While just 4% of employees work in finance and insurance, they accounted for nearly 40% of the total £35bn paid out in bonuses in the financial year 2010-11.
The £14bn bonuses by finance and insurance companies is higher than the 2008-09 figure of £12 bn, but remains significantly below the levels seen during the peak years of 2006-07 and 2007-08, when the bonuses paid totalled £19bn and accounted for more than 45% of all such payments across the economy.
The ONS’ review of bonus payments, which is based on its annual weekly measure of salaries and wages, also shows that the average financial sector bonus per employee was £12,500 - substantially higher than in any other part of the economy.
It also shows that bonuses accounted for 24.5% of the total earnings in the financial year 2010-11 for employees working in the finance and insurance.
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