More than 1 in 4 employees receive bonuses
Its analysis of Government data shows 27.8% of UK workers – the equivalent of 8.62 million ** employees - receive bonuses on top of their salary.
The bonus capital of the UK is not London, but Derby where 46.9% of employees receive bonuses. Inner London ranked just sixth behind Bracknell Forest, Milton Keynes, Windsor & Maidenhead and Cheshire East. Take a look at the table below for more details.
Employees in Torbay and Middlesbrough are the least likely to receive bonuses. Just 14.1% in Torbay do compared with 15.6% in Middlesbrough.
Men are more likely to receive bonuses than women – the analysis shows 34.7% of male workers receive bonuses compared with just 21.1% of female workers.
Steve Griffiths, head of sales at Kensington, says, “Bonuses are an important part of total pay for more than 8 million people. This is not about multi-million bonuses but hard working people who rely on additional bonus payments as part of their total income.
“And, with the average house price now more than £200,000, it is hugely important for many people to find a lender that is able to consider all of their earned income, including bonus payments, when calculating how much they can afford to borrow.
“Kensington treats customers as individuals. Every application is assess by an experienced underwriter and, for the right cases, we are able to include 100% of a customer’s bonus as part of our affordability assessment.”
ONS data shows total bonuses paid across the UK in the year to April 2014 were worth £40.5 billion and contributed an average of 6% to total pay. However there are huge differences in industries with average finance and insurance bonuses worth 24.2% of total pay and £13,300.
The figures below shows the top 10 local authority regions for bonuses and the 10 local authority where workers are least likely to receive bonuses.
LOCAL AUTHORITY REGION PERCENTAGE RECEIVING BONUSES
Bracknell Forest 46.4%
Milton Keynes 41.6%
Windsor & Maidenhead 41.6%
Cheshire East 41.3%
Inner London 40.8%
LOCAL AUTHORITY REGION PERCENTAGE RECEIVING OVERTIME
Isle of Wight 16.7%
East Ayrshire 17.5%
Merthyr Tydfill 17.7%
Cynon Taf 18.4%