PwC has announced the “most significant” increase to staff pay in 10 years, in a move that has reportedly recognised the rising living costs and the competitive recruitment market.
The Big Four firm said that more than £120m is being invested in the pay rises, which will see 70% of employees receiving at least a 7% increase, with 50% of employees getting a rise of 9% or more.
Salaries for many of its entry programmes will also increase, with starting salaries in audit rising by 10%, whilst those studying the ICAEW Chartered Accountant qualification as graduates are being offered £32k per year in London. Consulting graduates will reportedly be offered £33.5k per year in London, which is a rise of just over 8%.
A further £138m is also being allocated to bonuses this year, which is up £10m on last year, while the latest investments are reportedly in addition to the £40m investment made in January for pay and promotions.
In addition, PwC is also taking on more than 2,000 school leavers and graduates this year across the UK. This reportedly includes students joining through degree apprenticeships, which PwC has been expanding, Ada college in Manchester being the latest addition.
Kevin Ellis, chairman and senior partner at PwC, said: “Our significant investment in pay reflects the strong underlying productivity of the firm following recent investments, and the continued hard work of our people. And as a business and an employer we can’t ignore market pressures and want to ensure pay at every level is as competitive as possible.
“We know from staff surveys that base pay is particularly important to our people, given the bearing it can have on mortgages and future salary. We also looked at the salaries of our entry programmes to ensure they are as competitive as possible.”
He added: “However, we know pay will be an increasingly important consideration given rising living costs – we want to stay competitive and continue attracting the best talent and skills from across the UK. That’s why it’s important to invest now.”