KPMG Freezes Pay and Cuts Bonuses Amid UK Slowdown

KPMG has frozen pay for thousands of its UK staff and cut bonuses despite stubbornly high inflation.

A spokesperson for the audit firm said that due to soft market demand, raises would be prioritized for staff who have been promoted. Workers eligible for a bonus will receive one that’s lower than in previous years.

The business has about 17,000 staff in the UK including partners, who receive a share of profits. Graduates who are progressing as they pass exams won’t be affected by the pay freeze.

The so-called Big Four accountancy giants have been reining in costs to adapt to ...