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Bonuses United Kingdom

Morrison & Foerster LLP

Key Updates for UK Employers: A Look Through to the End of 2023 and Beyond

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The regulatory landscape for UK employers has evolved significantly over the second half of 2023. New legislation is in force or is due to come into force over the next 12 months, covering a variety of employment-related...more

Littler

Is a Bonus Clawback Provision a Restraint of Trade in the UK?

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In a reassuring decision for employers, the UK High Court has confirmed that an employer’s use of a contractual provision to claw back an employee’s bonus was lawful. The ruling in Steel v Spencer Road LLP provides helpful...more

BCLP

UK HR Two Minute Monthly: November 2023

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Our November update includes a Supreme Court decision on employment status and the right to join a trade union, whether a bonus clawback clause can be an unlawful restraint of trade, and how to deal with a “heat of the...more

Katten Muchin Rosenman LLP

Want to Leave Your Employment? That Will Cost You!

It's the run-up to bonus season in the UK and there is a lot to talk about. While the markets may have cooled down, the caps are off! In a controversial move, regulators removed the regulatory cap on banker's bonuses on 31...more

Morgan Lewis

Bankers’ Bonus Cap Lifted: What It Means for UK Financial Services Employers

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In a joint statement on 24 October 2023, the UK Prudential Regulation Authority (PRA) and UK Financial Conduct Authority (FCA) announced the removal of the cap on bonuses that can be paid to material risk takers at banks,...more

Ius Laboris

UK ends cap on bankers’ bonuses

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It’s official. The UK’s cap on bankers’ bonuses has been lifted. There are some opportunities for firms here, but it shouldn’t mean a return of excessive risk taking....more

A&O Shearman

UK Regulators Confirm Bonus Cap Being Scrapped

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The U.K. Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement confirming the "bonus cap" will be removed. Banks are subject to compensation requirements for staff who have a...more

Dechert LLP

Clawback Provisions and Restraint of Trade

Dechert LLP on

In a welcome decision for employers, in Steel v Spencer Road LLP the High Court has upheld as enforceable a clause requiring an employee to repay a significant bonus following his resignation. A clause in Mr Steel’s...more

A&O Shearman

Bankers bonus cap lifted - what does it mean for the banks

A&O Shearman on

PRA and FCA plans to remove the bankers’ bonus cap requirements have been accelerated, giving banks flexibility to depart from a strict regulatory cap with immediate effect....more

Paul Hastings LLP

The U.K. Abolishes the Bonus Cap for Banks

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The PRA and FCA have announced that the U.K. will be removing the bonus cap for individuals working in U.K. banks. The U.K.’s remuneration rules for the banking and financial services sector were introduced in the wake of...more

Littler

Employment measures against inflation in France and in the UK

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In response to rising inflation, the French and UK governments have instituted various measures that affect employers. - France - During the presidential campaign, Macron’s Government promised to increase purchasing...more

A&O Shearman

Big Bang 2.0 sees bankers’ bonuses under review

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As I have been predicting, there are rumblings of a loosening of EU-derived banking sector pay rules in the UK, and of an about-turn on bankers’ bonuses. According to numerous press reports, the Chancellor, Kwasi Kwarteng, is...more

BCLP

Is this the end of the cap on banker bonuses?

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The financial crisis of 2008 saw a backlash against the Banks. This emanated largely from the EU and was implemented by the UK Government....more

Proskauer Rose LLP

UK Tax Round Up - July 2021

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In Haworth v HMRC the Supreme Court (SC) upheld the Court of Appeal’s (CA’s) decision to quash a follower notice (FN) and accelerated payment notice (APN) issued to the taxpayer, Mr Haworth. An FN can be issued by HMRC where...more

Dechert LLP

More Detail Announced on the Job Retention Bonus

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Further detail has now been published about the Job Retention Bonus which employers who retain furloughed employees until the end of January 2021 will be eligible to claim. Introduction - Following the Government’s...more

Hogan Lovells

Employment News: Covid-19, tax

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Replacement for furlough scheme announced - On 24 September the government announced the Job Support Scheme, which will open on 1 November. The Job Support Scheme will support wages for employees who are performing at...more

Dechert LLP

More details emerge of the UK’s Job Retention Bonus Scheme

Dechert LLP on

Following the Chancellor’s announcement on 8 July 2020 that employers of furloughed employees would be entitled to a job retention bonus if they kept employees employed until the end of January 2021, the Government published...more

BCLP

Coronavirus: the UK government’s Job Retention Bonus scheme – key points for employers

BCLP on

On 8 July 2020, we reported on the UK government’s Job Retention Bonus scheme.  The Job Retention Bonus Scheme (“JRBS“) is designed to incentivise employers to retain furloughed employees after the CJRS finishes at the end of...more

Dorsey & Whitney LLP

UK Government Announces Job Retention Bonus, Kickstart Scheme and More

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The Chancellor of the Exchequer, Rishi Sunak, yesterday announced a number of significant measures with the aim of bolstering the UK economy.  These were wide-ranging and included several employment-specific proposals....more

Hogan Lovells

Employment News - December 2017 #2

Hogan Lovells on

In this weeks issue: - Employer vicariously liable for employee's data breach - Time and time again - no implied right to bonus through custom and practice - Making progress - gender pay gap toolkit...more

Dorsey & Whitney LLP

Gender Pay Gap Reporting for Companies with More Than 250 Employees in Great Britain

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Beginning April 2017, companies with 250 or more employees in England, Wales and Scotland on April 5th should be aware of a requirement to begin publishing annually on their own website and on a government website the...more

Seyfarth Shaw LLP

UK Gender Pay Gap Reporting – The Last Chance Saloon

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The final version of the draft Gender Pay Gap Regulations have now been published and are expected to come into force on 6 April 2017. The latest version of the Regulations set out a number of changes from the previous...more

Morgan Lewis

Update: UK Government Publishes New Draft Gender Pay Reporting Regulations

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After a lengthy period of consultation, on 7 December 2016, the UK government published the revised draft Equality Act 2010 (Gender Pay Gap Information) Regulations 2017....more

Katten Muchin Rosenman LLP

Corporate and Financial Weekly Digest - Volume XI, Issue 9

SEC/CORPORATE - SEC Chair Addresses Advisory Committee on Small and Emerging Companies - On February 25, Securities and Exchange Commission Chair Mary Jo White addressed members of the SEC’s Advisory Committee on...more

Cadwalader, Wickersham & Taft LLP

The EBA’s New Remuneration Guidelines: Expanding the Scope of the Bonus Cap

On 21 December 2015 the European Banking Authority (“EBA”) published its final guidelines on sound remuneration policies (the “Guidelines”), together with its opinion on proportionality (the “EBA Opinion”)....more

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