Pensions and wealth management firm Mattioli Woods has restored interim bonus payments for the majority of its staff that were initially put on hold due to the financial uncertainty of the Covid-19 (Coronavirus) crisis.
In 2020, the organisation cancelled all bonuses that were due to be paid to employees at the end of May 2020. In addition, all board members at Mattoli Woods received a 50% pay cut until June 2020, while its chief executive Ian Mattioli reduced his basic salary to zero, saving the organisation £2.6 million in total. However, due to passing a key financial milestone, the firm has made the decision to resume bonuses due to be paid in May 2020, for the majority of its workforce.
During the pandemic, the organisation did not reduce employees’ basic salary.
Ian Mattioli, chief executive at Mattoli Woods, said: “The Coronavirus pandemic is significantly impacting the UK and global economies. We have taken positive and decisive action to protect our clients and staff, and to ensure all our core areas remain fully operational throughout this complex time. Our investment in technology has enabled our employees to work remotely and our thanks go to all our employees who have helped to protect the organisation by agreeing to forego bonuses that would have been paid in more normal trading conditions.
“This, combined with the active management of fixed and discretionary costs, enabled us to achieve further cost savings and margin improvement in the first half while restoring interim bonus payments to the majority of our employees.”