Pre-Budget Report - LIVE

Pete111

JonnyBravo wrote: »

OK, I meant they are well paid. Presumably on over £100k to get a £25k bonus. Mid level banking that may be but it ain't "mid level UK"

Depends on the bank perhaps but I know for a fact that plenty of people on under 100k get over 25k in bonuses in certain banks in the UK

My OH works in HR within banking.

I take your point on the mid level UK thing however.

P

JonnyBravo

Pete111 wrote: »

Depends on the bank perhaps but I know for a fact that plenty of people on under 100k get over 25k in bonuses in certain banks in the UK

My OH works in HR within banking.

I take your point on the mid level UK thing however.

P

OK OK so you can argue that it's not £100k. You're picking fleas.

They are well paid and the bonus they recieve stays the same. It's the bank, which presumably is making a nice profit as they're paying this bonus, that has to find the extra. Tough.

I'm not anti banks. I'm not anti large salary. I'm anti crass behaviour which this is in my book. I own bank shares so I hardly have this stance thinking I want all banks to go under and they don't deserve to make a profit ever gain..... I just don't feel it's appropriate this year.

chucky

Pete111 wrote: »

Depends on the bank perhaps but I know for a fact that plenty of people on under 100k get over 25k in bonuses in certain banks in the UK

My OH works in HR within banking.

I take your point on the mid level UK thing however.

P

it depends in what areas that you work in the bank.

working in HR won't have huge bonuses for example as they don't generate profit.

working on one of the trading desks (front office) that has made money will provide a decent bonus which is shared across the team/department all the way back to the middle and back office departments.

i'd say that 90%-95% of people working in investment banks will not see a £25k bonus.

i worked on one IT project with a trader a few years ago - his profit and loss for the year was positive £90 million, he was contracted to get 11% of that, his basic was only about £300k.. happy days for him - he took a very small amount as cash and the rest in share options and his pension to dispose of in the future when he thought it was the most tax effective, he wouldn't have had to have paid this windfall tax if he'd made that amount of bonus now.

Pete111

JonnyBravo wrote: »

OK OK so you can argue that it's not £100k. You're picking fleas.

They are well paid and the bonus they recieve stays the same. It's the bank, which presumably is making a nice profit as they're paying this bonus, that has to find the extra. Tough.

I'm not anti banks. I'm not anti large salary. I'm anti crass behaviour which this is in my book. I own bank shares so I hardly have this stance thinking I want all banks to go under and they don't deserve to make a profit ever gain..... I just don't feel it's appropriate this year.

I guess my specific problem with it (for non bailed out banks anyway) is that the bonus may very well not stay the same for these people...it is now capped at 25k

Given my OH was about to quit after the next Bonus round (April) and therefore wouldn't be working herself half to death to the point that her getting home at 9pm after leaving at 7am represented a 'good' night, this may put a small spanner in the works of that plan.

However, yes, I am being picky and yes, I am moping in a very self indulgent manner given that a 25k bonus is still very large indeed

Ah well.

P

dalkey1

Irish budget today Main Points (very different to PBR of Darling)

• Dole payments cut by €8 a week (with additional cuts for under 23s)
• Child benefit (lower and higher rate) reduced by €16 per month
• Excise duty on alcohol reduced - 12c cut on beer and cider, 14c cut on a measure of spirits, 16c cut on a bottle of wine
• No change on tobacco tax
• 50c charge for every medical card prescription from April
• Carbon tax of €15 per tonne
• Hospital consultants will see their pay cut by up to 15%
• Irish domicile levy of €200,000 per year for high net worth individuals
• New 'universal social contribution', which will replace employee PRSI, the Health Levy and the Income Levy
• Public servants' pensions to be linked to average salary across career, rather than final salary
• Tiered pay cuts for public servants from 5% for the first €30,000, all the way up to 15% for those earning €200,000 or more
• Taoiseach's salary to be reduced by 20%
• Mortgage interest relief - Extended to 2018 for those who now find themselves in negative equity
• Flood relief - More than €70m to be given to help victims and stop future floods
• Taoiseach's salary to be cut by 20%
• National Solidarity Bond aimed at small investors to be launched
• Discounted rail vouchers to be given to senior citizen tourists to Ireland
• Scrappage scheme announced - Get around €1,500 off your Vehicle Registration Tax on a new low-emission car, if you trade in a car at least 10 years old

Pete111

chucky wrote: »

it depends in what areas that you work in the bank.

working in HR won't have huge bonuses for example as they don't generate profit.

working on one of the trading desks (front office) that has made money will provide a decent bonus which is shared across the team/department all the way back to the middle and back office departments.

i'd say that 90%-95% of people working in investment banks will not see a £25k bonus.

i worked on one IT project with a trader a few years ago - his profit and loss for the year was positive £90 million, he was contracted to get 11% of that, his basic was only about £300k.. happy days for him - he took a very small amount as cash and the rest in share options and his pension to dispose of in the future when he thought it was the most tax effective, he wouldn't have had to have paid this windfall tax if he'd made that amount of bonus now.

Oh how wrong you are my freind...;)

Graham_Devon

dalkey1 wrote: »

Irish budget today Main Points (very different to PBR of Darling)

• Dole payments cut by €8 a week (with additional cuts for under 23s)
• Child benefit (lower and higher rate) reduced by €16 per month
• Excise duty on alcohol reduced - 12c cut on beer and cider, 14c cut on a measure of spirits, 16c cut on a bottle of wine
• No change on tobacco tax
• 50c charge for every medical card prescription from April
• Carbon tax of €15 per tonne
• Hospital consultants will see their pay cut by up to 15%
• Irish domicile levy of €200,000 per year for high net worth individuals
• New 'universal social contribution', which will replace employee PRSI, the Health Levy and the Income Levy
• Public servants' pensions to be linked to average salary across career, rather than final salary
• Tiered pay cuts for public servants from 5% for the first €30,000, all the way up to 15% for those earning €200,000 or more
• Taoiseach's salary to be reduced by 20%
• Mortgage interest relief - Extended to 2018 for those who now find themselves in negative equity
• Flood relief - More than €70m to be given to help victims and stop future floods
• Taoiseach's salary to be cut by 20%
• National Solidarity Bond aimed at small investors to be launched
• Discounted rail vouchers to be given to senior citizen tourists to Ireland
• Scrappage scheme announced - Get around €1,500 off your Vehicle Registration Tax on a new low-emission car, if you trade in a car at least 10 years old

How long have the current irish government got left in power?

Could explain the differences.

Looks like they are doing what a lot in the UK are calling for, especially regarding the public sector.

kabayiri

In an ideal world, a bonus should be just that : a bonus.

I think it's changed. These are basically seen as salary supplements now, and people have begun to rely on them.

chucky

Pete111 wrote: »

Oh how wrong you are my freind...;)

she's probably on a good salary already or at one of the best payers.

you can't be giving HR staff a big bonus and paying less to staff that are creating the profit. my point was that these are the guys that get the real big bonuses.

Pete111

chucky wrote: »

she's probably on a good salary already or at one of the best payers.

you can't be giving HR staff a big bonus and paying less to staff that are creating the profit. my point was that these are the guys that get the real big bonuses.

Well yes but so are entire HR teams in the banking sector if you use UK averages as a benchmark.

It's a question of relativity. When the big fee earners are raking in many millions and earning many 100's of thou per annum, support staff can do well also. 50% bonuses are not uncommon for HR in quite a few firms in the city

Goes back to my orgininal point - a 'big' bonus in banking (especially investment banking) is far far in excess of 25k.