UK KPMG workers to receive largesse worth £59m |
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Tue, 25 Oct 2005 13:05
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Employees of KPMG, one of the world's biggest accountancy firms, will be recipients of largesse in form of a Christmas bonus. The beneficiaries of this bonus, estimated at £59 million, will be its 8,950 staff working across the UK. Last year, KPMG had handed out £35 million.
The global revenues went up to £8.86 billion, which is an increase of 16.4 per cent in one year. Revenues for the period of 12 months until September increased by 20% (£1.28bn) when compared to the same period last year.
"We have had a very successful year and are delighted to reward our people with record levels of bonus payments," said John Griffith-Jones, chief executive of KPMG. KPMG is reported to have 93% of companies featuring in the FTSE 100 Index as its clients.
KPMG is, of course, a beneficiary of new accounting regulations, the International Financial Reporting Standards (IFRS) and Sarbanes-Oxley (SOX) legislation in the US. These regulations have only said to have decreased the transparency levels.
When compared to the other partners in the ‘big four’, which include Ernst & Young, Deloitte & Touche and PricewaterhouseCoopers, KPMG’s market share has seen the largest acceleration in the year 2005.
KPMG did not divulge details of bonuses for its partners. They are yet to be finalised as of now. They will be declared in the month of December. John Griffith-Jones, nonetheless, stated that bonuses would be "up slightly in excess of 20 per cent" from last year. Last year, its partners managed to get bonus totally worth £457,000.
According to Chairman KPMG, Mike Rake, UK played a vital part in "helping to drive the international firm forward". KPMG is to cough up £255 million to US regulators regarding allegations that it had encouraged illegal tax shelters.
The accounting firm operates from 148 countries in the world with a staff of around 94,000.
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