Pay rises of at least 7% for the majority of staff
Audit graduate starting salaries will rise by 10%
PwC is making its most significant increases to staff pay for 10 years, in a move that recognises rising living costs and the competitive recruitment market.
More than £120mn is being invested in the pay rises, which will see 70% of employees receiving at least a 7 percent increase (with 50% getting a rise of 9 percent or more). Salaries for many of our entry programmes will also increase - for example, starting salaries in audit will rise by 10%. Those studying the ICAEW Chartered Accountant qualification as graduates will now be offered £32k per year in London (regional differences apply). Consulting graduates will now be offered £33.5k per year in London, a rise of just over 8%.
A further £138m is being allocated to bonuses this year - up £10mn on last year.
The latest investments are in addition to the £40mn investment made in January for pay and promotions.
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. We’ve had record applicants for our student recruitment programmes this year, with students citing the breadth of our business and our truly hybrid working arrangements among the reasons for choosing us. 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.”
PwC is taking on more than 2,000 school leavers and graduates this year across the UK. This includes students joining through degree apprenticeships, which PwC has been expanding - Ada college in Manchester being the latest addition.
Notes to editors
The majority of our people will receive at least a 7% rise in base pay, effective from 1 July. Those receiving less would include those people near the top of their respective pay bands, and recent joiners who negotiated their pay rate at the point of joining. The percentage rise would also be influenced by any other pay increases this year, where applicable.
On top of base pay, our people get a wide range of financial and non financial benefits which you can find out more about here: https://www.pwc.co.uk/careers/about-us/reward.html
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Head of Reputation and Purpose, PwC United Kingdom